Authorities warn of action against businesses failing to repay COVID-19 loans

The Committee for Remedying the Economic Impact of COVID-19 has announced that companies and businesses that have completely failed to repay the principal and interest on COVID-19 loans will face action.
In response to the economic challenges brought about by the COVID-19 pandemic, the COVID-19 fund provided loans with a one-year term at an interest rate of one per cent, starting from April 2020. As the three-year loan period has now expired, companies and businesses were notified on 6 June 2024 to repay the principal and interest by 30 June 2024.
The announcement also emphasized that companies and businesses in Nay Pyi Taw Council Area, as well as other regions and states, which have been slow in repayment or remain in arrears, must promptly settle their dues.
Furthermore, those that have only repaid the interest are required to promptly repay both the principal and the interest. Failure to comply with this directive will result in the public disclosure of the names of the non-compliant companies and businesses through State-owned newspapers, with further action taken under management protocols, as stated by the Committee for Remedying the Economic Impact of COVID-19. — TWA/KZL