By Nyein Nyein
Out of K100 billions of COVID Fund, micro, small and medium enterprises (MSMEs) received the largest amount of the fund totalling over K70 million, according to the committee to remedy the economic impacts caused by the pandemic.
The Committee for Remedial Works on Economic Impacts of COVID-19 has set up the coronavirus fund in order to provide necessary monetary assistance to the businesses hit by the pandemic. That is why the committee has granted the loans to CMP garment businesses, hotels, and tourism-related businesses and small and medium enterprises (SMEs), which are badly impacted by the pandemic.
Regarding the loans, the committee has granted the loans seven times to a total of 3,393 businesses which are in accord with the loan terms and conditions. Among them, a total of 2,550 MSME businesses including restaurants, personal goods, goods manufacturing and service businesses received the largest amount of loan totalling K70,081.10 million. Moreover, 340 hotel businesses were granted K15,720.74 million loans, 45 CMP factories were granted K6,312 million, 220 restaurants were granted K5,182 million, 236 tourism sectors were granted K3,757.46 million and other two CMP were granted K75 million, according to the committee to remedy the economic impacts caused by the pandemic.
COVID Fund loans were provided starting from 9 April. As of 1 July, the committee has provided K101,128.30 billion loans to 3,393 businesses.
The Ministry of Planning, Finance and Industry have announced on 3 July that the K100-billion fund will be set up to provide for the second time the immediate loans to the enterprises battered by the global viral infection. The fund will be provided three times — K35 billion for the first time, K35 billion for the second time and K30 billion for the third time.
The committee will issue an announcement concerning the terms and conditions regarding granting of the fund. The committee to remedy the economic impacts caused by the pandemic was formed on 13 March with U Thaung Tun, the Union Minister for Investment and Foreign Economic Relations, as the chairman. (Translated by Hay Mar)