The Association of Banks Singapore (ABS) says banks will work closely with their affected customers to explore funding and refinancing solutions to help ease their near-term financial strain.

The statement, dated Nov 3, came after the Ministry of Law introduced a framework to enable eligible businesses that have been severely impacted by Covid-19 to renegotiate or to terminate certain contracts.

Parties whose contracts have been affected could face consequent constraints in their operating income and cash flows.

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