According to the Ministry of Investment and Foreign Economic Relations, there will be meetings in regions, including Yangon and Ayeyawady Regions, which have the most significant number of remaining loans after the three-year term of the COVID-19 loan.
The Union Minister for Investment and Foreign Economic Relations said at the meeting on the economic effects that may occur due to COVID-19, held on 24 July, that loans from the COVID-19 Fund are national finance, so people are obligated to repay them. There is no plan to extend the loan period for companies and enterprises that have to repay the loan principal and interest after the loan period has exceeded three years.
Loan repayments increased between June and this July after notification through the state newspaper that K50 billion of the state’s revolving fund and K150 billion from the general surplus fund were released from K50 billion to K150 billion for a total of K100 billion.
Officials will hold field meetings in the regions, including Yangon Region and Ayeyawady Region, which have the most remaining loans and will cooperate with the relevant regional governments to ensure that the loans are quickly repaid.
Loans from the COVID-19 Fund to the livestock sector, including fish and shrimp farming, and loans to the film, music, theatrical, press and media sectors are coming to the deadline; thus, ministry officials are urged to proceed accordingly. — TWA/KZL
