Myanmar to allocate more fund to provide loans to vulnerable businesses

By TIN Media | Asean News Published 4 months ago on 3 May 2020
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YANGON:

According to Zaw Htay, spokesperson of President's Office on Saturday (May 2), Myanmar government has planned to allocate the second batch of funds of 200 billion kyats (US$142.8mil) to disburse more loans to the businesses affected by the Covid-19 (coronavirus).


The government has been giving out loans to the most vulnerable businesses in the garment manufacturing sector, hotels and tourism, as well as small and medium enterprises (SMEs) under the country's Covid-19 Economic Relief Plan since the first batch of fund of 100 billion kyats (US$71.4mil), were allocated last month.

The 10 criteria which the applicant company needs to meet include the fact that it must be a citizen-owned enterprise hit by the Covid-19, must be an operating enterprise, or an enterprise that has temporarily halted operations for three months and can start operations once it receives the loans and others.

"The Covid-19 Economic Relief Plan, which is to be publicised soon, mentions our plans related to the provision of basic essentials to people in need, financial support to the elderly, measures to be taken in each sector as well as reducing interest rate by the Central Bank of Myanmar and others," Zaw Htay said.
 

Meanwhile, factories, workshops, and departments in Myanmar which had closed for traditional Thingyan holidays from April 10 to 19 underwent inspections as a move to contain the spread of Covid-19.


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