Working Committee to address impact of COVID-19 on country’s economy meets

The ninth meeting of the Working Committee to address the impact of COVID-19 on the country’s economy was held via videoconference this morning.
The meeting was chaired by U Thaung Tun, Union Minister for Investment and Foreign Economic Relations. Members of the Working Committee Union Ministers, U Soe Win , U Thein Swe and Dr Than Myint, Governor of the Central Bank of Myanmar U Kyaw Kyaw Maung and representatives of the ministries concerned took part in the meeting.
The government established the K100 billion COVID-19 Fund to assist the affected hotels and tourism industry, CMP enterprises and SMEs in April 2020. In continuation of the measures, a second tranche of K100 billion will be provided by the State to affected enterprises in the agriculture, livestock, and fisheries and food processing sectors, agencies dealing with labour recruitment, vocational schools as well as export-oriented and import substitution industries. The meeting discussed matters relating to ways and means to expedite the process for the disbursement of loans from the COVID-19 fund.
The meeting also discussed the need to consider new strategies to meet the challenge posed by the spike in COVID-19 cases in recent weeks.
It has been reported that the government has provided a total of K1908.085 billion to mitigate the effects of COVID-19 on the country’s economy:

No.TitleSubjectBillion
1Household

Support

1st time (5 Rations) 5.3 million

2nd time (20,000-2 times) 5.4 million

71.103 billion

218.112 billion

2Household

(3rd  time)

(Issuance of 20,000 kyats rate) 5.6 million113.535 billion
3Ministry of Agriculture, Livestock and IrrigationPaddy Seed Production, Village Fund Project, Distribution of Fish Species and Fingerlings, Cash to Support Input, Construction of Production Route and Village Infrastructures, Educating Programmers  for Animal Breeding, Training to Seafarers for Safety and Security at Sea, Agricultural Services, Cash for Job Training.92.612 billion
4Ministry of Social Welfare, Relief  and ResettlementCash assistance to senior citizens of ages between 80 and 84 and pregnant women, provision for 30 days of charity homes and homes for elderly, household support in IDP camps to buy 5 food stuffs, school uniform support for students from IDP camps, assistance to people with disabilities, leprosy patients and victims of human trafficking from abroad and victims of domestic trafficking.35.923 billion
5Ministry of Health and SportsPurchasing the necessary medicines, medical equipment and  related items for hospital upgrade and spending on building and renovation works267.903 billion
6Teashop(Loan)Providing loan for teashops and street-side shops100 billion
7MFI (Loan)Micro Credit Loan to Microfinance businesses100 billion
8MSME Fund (Loan)Microfinance Businesses Supervisory Committee providing loans to SMEs200 billion
9MADB (Loan)Cash assistance to farmers by 50,000 kyats for  one acre600 billion
10Exemption of Electricity ChargesApril, May, June107.379 billion
11Electricity Charges in Taninthayi Region 1.518 billion
Total  1908.085 billion

 

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