Myanmar to allocate more fund to provide loans to vulnerable businesses

  • Myanmar
  • Saturday, 02 May 2020

A child is seen carrying an umbrella next to a barricade set up around an area for the lockdown as a preventive measure against the spread of the coronavirus in Yangon on Saturday (May 2). - AFP

YANGON: Myanmar government has planned to allocate second batch of fund of 200 billion kyats (US$142.8mil) to disburse more loans to the businesses affected by the Covid-19 (coronavirus), according to Zaw Htay, spokesperson of President's Office on Saturday (May 2).

The government has been giving out loans to the most vulnerable businesses in the garment manufacturing sector, hotels and tourism as well as small and medium enterprises (SMEs) under the country's Covid-19 Economic Relief Plan since the first batch of fund of 100 billion kyats (US$71.4mil) was allocated last month.

The 10 criteria which the applicant company needs to meet include the facts that it must be a citizen-owned enterprise hit by the Covid-19, must be an operating enterprise or an enterprise that has temporarily halted operations for three months and can start operations once it receives the loans and others.

"The Covid-19 Economic Relief Plan, which is to be publicised soon, mentions our plans related to provision of basic essentials to people in need, financial support to the elderly, measures to be taken in each sector as well as reducing interest rate by the Central Bank of Myanmar and others," Zaw Htay said.

Meanwhile, factories, workshops and departments in Myanmar which had closed for traditional Thingyan holidays from April 10 to 19 underwent inspections as a move to contain the spread of Covid-19.

As of Friday evening, Myanmar has reported 151 Covid-19 confirmed cases with six deaths. - Xinhua/Asian News Network
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Myanmar , Civodi-19 , Economic Relief Plan


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