307 businesses receive over K14 bln COVID fund in 7th batch

Domestic businesses suffer a blow from outbreak of COVID-19.  Photo: Township IPRD

By Nyein Nyein
A total of 307 businesses were approved to receive K14.556 billion from the Coronavirus Fund in the seventh batch by a committee to remedy the economic impacts caused by the viral disease, the committee stated. More than 3,400 enterprises have been granted over K100 billion from the fund between 9 April and 2 July, as per the committee’s data. The applicants approved by the committee will be screened in line with banking rules and procedures, and they are not eligible for the loan if they get sued by a bank. The remaining applications are being processed, the committee stated. The priority sectors for the fund of K100 billion are CMP garment business, hotels and tourism service and small and medium enterprises (SMEs). The committee has been granting the loan to the business stricken by the pandemic from the initial Coronavirus Fund, with K50 billion allocated from the country’s revolving fund and another K50 billion from the social welfare fund. The committee was formed on 13 March and Union Minister U Thaung Tun of the Ministry of Investment and Foreign Economic Relations was appointed as the chairman of the committee.
The committee is responsible for measures to address the negative impacts of the pandemic situation on trade and tourism sectors; short, medium and long term measures to respond to the coronavirus crisis, together with the private sector and related associations; creation of new jobs for the laid-off factory workers; conducting vocational education to the workers; and additional measures to explore new markets to buy raw materials for CMP garment businesses in the country instead of relying on the sole market–China. Additionally, the public and private sectors need to cooperate in setting up the supply chain on our sources, including weaving, knitting, dyeing, and sewing factories, the committee urges. Furthermore, as the long-term strategies, the committee will request Myanmar President office to give tax exemption and reliefs depending on the situations of the coronavirus impacts on SMEs and to provide loans to the domestic businesses at a low-interest rate. (Translated by Ei Myat Mon)

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