Up to 5 million kyats per loan at 2% interest per annum to small grocery stores affected by COVID-19

The project will provide loans of up to 5 million kyats per annum to small grocery stores affected by COVID-19 at an interest rate of 2% per annum according to the Ministry of Planning, Finance and Industry published by the Financial Supervision Department. Nay Pyi Taw Council, which was affected by COVID-19. Low interest loans (one year loan term) to small grocery stores in the region or state with a maximum interest rate of 2% per annum up to 5 million kyats per project. The Ministry of Finance and Industry will provide loans through microfinance institutions.

Therefore, grocery stores that want to get a loan should apply to Hana Microfinance Limited in the states and regions, Microfinance Nanster International Co., Ltd, Alliance for Microfinance in Myanmar, Stapana Limited, Alliedon Microfinance Company Limited; Pact (Global micro Finance Fund), Myat Kyun Thar Microfinance Company Limited; LOLC Myanmar Microfinance (S), Dawei Development Public Company Limited; Aung Pyae Phyo Kyaw Company Limited, Blue Lion Microfinance (Myanmar) Co., Ltd,  Sanda Phone Pyae Microfinance, Inocular Petrol Microfinance Co., Ltd, Khant Thu Walar Microfinance Co., Ltd.

People can get a loan by contacting microfinance institutions such as ASA Microfinance (Myanmar) Ltd. The Working Committee on the Economic Impact of COVID-19 has set up the COVID-19 Fund to provide much-needed financial assistance to businesses hotels and tourism; small Loans to small and medium enterprises have been issued affected by COVID-19 since April 9, 2020. The effects of COVID-19 were covered in accordance with CERP. 303,017.236 million kyats for the treatment of COVID-19 disease; 1508370.011 million for support to households and national disaster fund; 399,000 million kyats for loans to businesses; 728,515.254 million kyats for CERP activities; 200,500 million kyats for the opening of skills training, for a total of 2951664.128 million kyats.

Source: Daily Eleven

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Imports down by $1.7 bln as of 12 February, MOC reports

The value of Myanmar’s imports between 1 October and 12 February in the current financial year 2020-2021 stood at US$5.967 billion, a sharp drop of $1.7 billion from $7.67 billion registered in the year-ago period, according to the data released by the Ministry of Commerce. The value of imports in the consumer, capital, intermediate goods, and CMP businesses groups dropped in the current FY. Over the past four months of the current FY, capital goods, such as auto parts, vehicles, machines, steel, and aeroplane parts, were brought into the country. Their import value was estimated at $2 billion.

The figure was $829 million lower compared to the same period in the previous FY. Meanwhile, Myanmar imported consumer products worth $1.25 billion, including pharmaceuticals, cosmetics, and palm oil. The imports of consumer products showed a slight decrease of $34.9 million compared with the same period in the previous FY. Intermediate goods make up a large share of Myanmar’s imports, with petroleum products and plastic raw materials being the main import items. This year, imports of raw materials plunged to $1.95 billion from $2.62 billion registered during the year-ago period.

During the same period, raw materials worth $728.7 million were also imported for the Cut-Make-Pack (CMP) garment sector, showing a decrease of $172.75 million compared with last fiscal year. At present, the CMP garment sector, which contributes to 30 per cent of Myanmar’s export sector, is struggling because of the cancellation of order from the European countries and suspension of the trade by western nations during the COVID-19 pandemic. Therefore, import values of raw materials by CMP businesses have been dropping. The top 10 import countries to Myanmar are China, Singapore, Thailand, Malaysia, Indonesia, India, Viet Nam, Japan, the Republic of Korea and the US, as per data of the Ministry of Commerce.

Source: The Global New Light of Myanmar

Reduction of fuel and cooking oil imports needed to decrease trade deficiencies: Senior General

The State Administration Council held the meeting of the Management Committee at its headquarters in Nay Pyi Taw on 25 February, 2021. Chairman of the Council and Commander-in-Chief of Defence Services Senior General Min Aung Hlaing delivered a speech at the meeting, which was attended by Vice-Chairman of the Council and Deputy Commander-in-Chief of Defence Services and Commander-in-Chief (Army) Vice-Senior General Soe Win, the Union Ministers and the Attorney-General of the Union.

In his discussion, the Senior General talked about the progress in the rule of law in nearly one-month since the Council took the power of the country, containment measures against COVID-19 with 1.4 million infection and about 3,200 deaths in Myanmar and the possibility of higher figures due to the crowds in previous weeks, the negative impacts on healthcare services due to civil disobedience movement of health workers, possible legal actions of relevant ministries against those who disturb the reopening of hospitals, vaccination programme for COVID-19, import permits for the private pharmaceutical companies, and reopening of schools.

He also discussed the promotion of the agricultural sector for food sufficiency of the country, livestock and fish breeding farms, commercial production of foodstuffs, the use of irrigation water for the agricultural sector, generation of electricity from hydro and solar powers, promotion of Myanmar martial arts for the health of people, raising fund for the public hospitals to provide free healthcare services for the civil service personnel at the initial stage.

The Senior General continued to reduce fuel requirement in the country, with manufacturing electric cars by the relevant ministries for the urban public transport, the need for urgent completion of Yangon-Mandalay railway project jointly implemented by Japan and reduction of fuel and cooking oil imports to decrease trade deficiencies. The Union Ministers and the Attorney-General of the Union reported signing agreements, the appointment of duties, exemptions and extension of duties. The Union Ministers also discussed fish breeding projects, systematic spending of state revenue, social welfare funds, healthcare services at the hospitals, school reopening programme, implementation of hydropower projects and organizing celebrations of ethnic festivals.

In response to the reports, the Senior General gave guidance on the appointment of civil service personnel, fair management on them without bias, the award for dutiful persons, punishment for the failure of duties, lesser consumption of cooking oil with changing consumption habits for better health. He advised conducting research and development programme, not to mention the unfruitful information on social media, suspension to pay back the two-month salary loans for the civil service personnel, development of Nay Pyi Taw area, reopening of factories and workplaces without posing negative impacts on the environment, attraction to foreign investments and the establishment of 81-ft high marble Buddha image in sitting posture in Nay Pyi Taw.

Source: The Global New Light of Myanmar