SHARJAH: Covid times may have literally increased the heartbeats of expats who have taken house and vehicle loans from banks , relying on their jobs abroad.

As the Coronavirus still prevails in different parts of the world, lakhs of Malayalis aborad are also either facing the risk of losing job or steep salary cuts.

The undeniable fact is that the pandemic has dealt a serious blow to the economy of Arabian countries. Already, lakhs of expats have been laid off in many foreign companies. Many countries have given permission to private companies to effect a 40 per cent salary cut, as well.

MeanwhileSaudi Human Resources ministry has decided to cut down salaries for six months but this may extend to longer period.

“Saudi is facing one of the biggest crisis in the history after Second World War. Revenue from petroleum products have slumped. The price of one barrel of crude oil has come down from $60 to $20. The Saudi government is planning tough austerity measures,”Saudi finance minister Mohammed Al-Jadaan said in an interview the other day.

Other countries are also passing through similar situations. As a result, Malayalis will be forced to repatriate en masse, creating socio-economic instability in Kerala.

By the way, the existence of many banks in Kerala depends on money deposited by NRIs. The banks have also given big loan amounts to Non-Resident Keralites. If they go jobless, repaying the loan amount or EMIs may be hampered, resulting in complicated issues in banks.