Covid-19 loan repayment period extended for one more year

The working committee to address the impact of Coronavirus Disease 2019 (COVID-19) on 4 November announced Notification 3/2022 on a one-year extension of the Covid loan repayment period from the second-year due date. According to the priority sector, 5,990 companies and enterprises were granted loans from K200 billion of COVID-19 funds for a total of K158.4438 billion with an interest rate of one per cent and a loan period of one year from 9 April 2020.

Loans flow to businesses such as CMP, hotels and tourism, small and medium-scale enterprises, agriculture, livestock breeding and marine production, export products manufacturing industries, import-substitute products manufacturing industries, businesses that participate in the supply chain from local production to the export sector, foodstuffs manufacturing businesses, overseas employment agencies and vocational training schools.

In the notice of the working committee for loans, it stated: “If it fails to repay, action will be taken under the law,” and so companies/industries that took loans from the Myanma Economic Bank fail to pay back the capital and interest, they will face legal action as per the terms and conditions of the loan contract and they must repay the outstanding loan completely within the period of extension. 

Source: The Global New Light of Myanmar

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