Loan maturity date for livestock sector extended for one year

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Crayfishes are seen in the shrimp farming business.

Under the COVID-19 Fund, the loan maturity date for businesses in livestock sectors including state-owned businesses, and fish and shrimp farming businesses was extended for one year on 30 November 2022.
Among the responsibilities of the committee to remedy the economic impacts caused by COVID-19, the one-year loans were disbursed to the businesses engaged in the livestock sector with a one per cent interest rate from the COVID-19 Fund to mitigate the economic impacts of the coronavirus on businesses on 16 November 2021.
Those 325 entities that took out the loans worth K7.6 billion from the COVID-19 Fund as of 31 October 2022 were due.
The businesses are still stricken by the coronavirus impacts so the maturity date is extended one year for the domestic businesses to have currency in circulation under the SAC’s guidance, a statement said.
The committee’s notice stated that actions will be further taken if the loans are not repaid before the due date in compliance with the existing law. Thus, those entities need to repay the loans during the extended period according to the loan agreement. – TWA/GNLM

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