Microfinance authority in Myanmar instructs MFIs to relax loan collection

by ECONOMY

The Microfinance Businesses Supervisory Committee instructed microfinance institution (MFI) in Myanmar to ease loan collections among those who are not able to repay during the pandemic. The committee will inspect whether the MFIs follow the orders and take action if they fail to follow.

Myanmar authorities have instructed MFIs not to collect repayments and interest payments by force since early April. MFIs have also been encouraged to give out buffer loans, new loans and fix the payment term for these who are unable to repay on June 14.

Lowering interest rated could reduce access to finance and hence the issue of interest rates should be approached carefully. The government was urged to negotiate with MFIs over payback conditions and reduce the interest rate. As of 2020, 193 MFIs have beem permitted to operate and over K2217 billion has been given out to a total of 5.7 million people.

Source: Myanmar Times

Myanmar oil and gas revenue forecast to decrease in 2020-21

by ECONOMY

Revenue from the Myanmar oil and gas sector will decline in fiscal 2020-21 as a result of COVID-19.This is because global oil prices have fallen, leading to decline in gas prices and production at four of Myanmar’s offshore gas projects and numerous other fields onshore. The decline also comes at a time when production levels at existing wells are decreasing and tenders for drilling at new gas fields have stalled.

Income from the natural resources sector contributes to around 10.9 percent of Myanmar’s total income, making it a major source of revenue for the country. In 2019-20, income from the Myanmar oil and gas sector totalled K2 trillion. This however, was down from a high of K2.3 trillion in 2018-19 as a result of declining production levels.

Tax revenues from the natural gas sector have also decreased, falling to K169 billion in fiscal 2019-20 due to lower production revenue from the Zawtika offshore project and lower exchange rate. The forecast amount had been K234 billion. The ministry expects tax revenues from the gas sector to amount to K334 billion in the coming fiscal year.

Source: Myanmar Times

Investors eyeing industrial estate development sector

by CONSTRUCTION

Some local and foreign investors are interested in industrial estate development sector.At present, domestic, foreign enterprises and joint ventures are discussing to invest in industrial estate development sector.They are preparing to have readiness for investments in the industrial zone development sector. We had discussions regarding this, but any proposal is not received yet.

In the current fiscal year 2019-2020, zero investment is found in the industrial estate development sector.During last fiscal, there was Korea-Myanmar Industrial Complex project implemented by KMIC Development Co., Ltd on 558 acres of land in Hlegu Township, Yangon; and Development and Operation Project of Smart and Eco City and Related Businesses by Thailand-based Amata Group on 2,000 acres of land near Dagon Myothit (East) and (South) townships.

The construction of those projects started this year.The real estate development sector attracted K248 billion in the 2011-2012FY, K51 billion in the 2013-2014FY, K14 billion in the 2014-2015FY, K260 billion in the 2015-2016FY and K36 billion in the 2018-2019FY.

Source: The Global New light of Myanmar

Yangon bus operator begins prepaid card service

by SERVICES

The Asia Starmar Transport Intelligent Co.,Ltd. has launched the prepaid card service for its 597 buses in Yangon. The Yangon Bus Service plays a crucial role in the bus transport network system for public. The prepaid card service could solve the problem in the changes of paper money in bus fares.


The YPS cards are available at the 102 outlets of G&G convenience stores in Yangon, and the company is providing the customer service at the three centres in downtown Sule, Thamine and Tamway. Moreover, the Yangon City Development Committee has opened sales and top-up counters for prepaid cards at the bus stops in front of city hall, Myanmar Plaza, 8 Mile and Parami Nyaungbin. The launch of YPS card system is a new historic milestone and an onset of a long journey, helping the cashless ecosystem of the country. The company will also introduce other prepaid card services.

The YPS cards can be used at the bus line numbers 43,62,72, 87, 88, 89, 96, 12,14,25,30 and 38. The price of each card is K2,000 and the available top-up amount is from K1,000 to K50,000. During the promotion period from 16 July to 15 August, the card will be free of charge for the minimal top-up K5,000. The user needs to touch the card with the bus validator at the front door of the bus, and it must be put on another validator near the exit door to deduct the fee when someone got off the bus. If the user failed to put the card on the exit validator, the fare will also be taken for the previous ride when the card is touched on the front validator. Only one passenger could use the card service each time.

Source: The Global New Light of Myanmar

UMFCCI Webinar Series

by EVENT

Title: New Beginnings Through Renewed Partnerships Episode (7) 

Date: 28 July 2020, 4:00 P.M

Speaker: U Myo Aung (Permanent Secretary, Ministry of Labour, Immigration and Population)

Moderator: Daw Khine Khine Nwe (Joint Secretary General, UMFCCI)

Contact address: pr@umfcci.com.mm

Organizer : UMFCCI

Chin State Minister inspects construction works at Lower Laivar Dam

by CONSTRUCTION

The Chin State Minister for Agriculture, Livestock Breeding, Forestry and Mines U Mang Hen inspected construction works at Lower Laivar Dam, the third dam in the Chin State, on 19 July. Firstly, the dam construction group official of Thiha Min Swe company, which has been carrying out the construction project, explained the stages of the construction of the dam, and the benefits that can bring to the residents. Afterwards, the Chin State Minister and other officials inspected the dam.

By using the budget of K3,038 million, the construction work for Lower Laivar Dam commenced on 1 June 2019. The construction was 100 per cent completed on 30 June 2020. The Lower Laivar Dam is located in Falam Township. The location of the Lower Laivar Dam is about a mile away from the existing Laivar Dam. The area of the earth-fill dam is 2.5 square miles. The height of the dam is 65 feet and the length is 330 feet. The total storage capacity of the dam is 800 acre-feet and the usable capacity is 655 acre-feet.

The first dam of Chin State Chin State Minister inspects construction works at Lower Laivar Dam is the Upper Laivar Dam, the second one is Thiki Dam and the third one is the Lower Laivar Dam.The main objective of the Lower Laivar Dam is to store the water that flows from the catchment areas of the Upper Laivar Dam. The Lower Laivar Dam will be able to supply 300,000 to 800,000 gallons of water per day to about 50,000 residents in Falam Township.

Source: The Global New Light of Myanmar

Companies in Myanmar urged to pay taxes online

by SERVICES

Local companies with a Taxpayer Identification Number (TIN) are urged to pay taxes using electronic payment systems made available online starting October. This is to facilitate ongoing efforts to control the spread of COVID-19 by avoiding mass gatherings in public places.

Firms can now pay their taxes through digital services provided by local banks including CB Bank, Ayeyarwaddy Bank, UAB Bank, KBZ Bank and Myanmar Apex Bank, via mobile money transfer and corporate debit cards by the Myanmar Payment Union.

Arrangement will also be made for individual taxpayers to pay their income taxes online. Instead of issuing a tax record book, transactions will be recorded electronically on a mobile app. The government will support mobile payment methods and local financial institutions will make digital and mobile payments available as much as conditions allow.

Source: Myanmar Times

Grab launches GrabMart, an on-demand grocery delivery service which promises deliveries of daily essentials within an hour

by SERVICES

GRAB, the leading everyday app in Southeast Asia, has launched Grab Mart, a new on-demand grocery delivery service. Grab Mart provides consumers convenience in purchasing various consumer goods, including groceries, home essentials, health and beauty items as well as gifts directly from hundreds of shops through the Grab App.The launch of Grab Mart is timely given the growing adoption and reliance on delivery services among people in the country during the ongoing pandemic.

Grab Mart’s store merchant partners now benefit from a new online customer base, increased revenue opportunities, and access to Grab’s technology platform to manage order transactions. Many more local businesses will be brought on-board the Grab platform as Grab Mart store merchant partners in the coming months.

This partnership provides us with an additional channel to reach new customers and provide another service to our existing customers.Consumers will benefit from the promise of home deliveries under one hour.Grab has launched GrabMart across 50 cities in Southeast Asia, in partnership with over 3,000 supermarkets and convenience stores.

Source- The Global New light of Myanmar

UMFCCI Webinar Series

by EVENT

Title: New Beginnings Through Renewed Partnerships Episode (5) 

Date: 21 July 2020, 4:00 P.M

Speaker: U Win Maw Tun (Deputy Ministry of Education)

Moderator: Dr. Myo Thet (Vice President of UMFCCI)

Watch on:

  • YouTube:https://www.youtube.com/channel/UCwQ86Tr1cgAQkCWC8ht1bAA
  • Facebook Page: UMFCCI-Union of Myanmar Federation of Chambers of Commerce and Industry
  • Media Partner – 7Day TV, O Media

Organizer : UMFCCI

DICA plans recommendation for online visa extension of expatriate businesspersons

by ECONOMY

The Directorate of Investment and Company Administration (DICA) is planning to launch online platform regarding the recommendation for a visa extension of the expatriates in Myanmar. This move aims to reduce opportunities for dishonesty in applying for visa extension, check the lists of the recommended company for visa, get easy access to the data of expatriates and stay period, reduce paperwork, ensure social distancing and facilitate the processing.

The DICA, on behalf of MIC, is planning to launch online system for the recommendation for a visa extension of the foreign director and foreign employee of the companies, and their family members in order to ensure smooth processing at the Ministry of Labour, Immigration and Population. At present, the online application form is posted on the DICA’s official website. The users can submit a suggestion to the system. Last 7 July, the director-general and deputy director-general of the DICA met with U Nyein Min Oo, CEO of Myanmar Digital IT Solution Co., Ltd regarding drawing software, and the work matters were suggested and explained. 

Source: The Global New Light of Myanmar