Committee Meeting: MIFER UM delivered the opening remarks

The Meeting of the Committee for Remedying Economic Impacts Caused by COVID-19 was held at the Ministry of Investment and Foreign Economic Relations in Nay Pyi Taw on July 10.

During the meeting, the Committee Chairman, Union Minister for Investment and Foreign Economic Relations Dr. Kan Zaw, discussed matters including taking management-level action against companies/businesses that failed to repay loans (principal and interest), except those that were genuinely affected by the earthquake, recovering loans from sectors such as locally-owned fish and shrimp farming, and the film, music, theatrical performance, journalism, and media sectors, whose loan repayment terms have now matured, the current status of repayments into the State’s Revolving Fund and General Surplus Fund, as well as any outstanding balances.

Next, Deputy Minister Dr. Wah Wah Maung, who also serves as Secretary of the Committee, presented on the loan inspection and oversight matters, the repayment status (principal and interest) of companies/businesses that received COVID-19 loans by region/state, the coordination status with respective departments and loan supervision committees, and the possibility of taking administrative measures against defaulters who failed to repay loans.

Following that, attendees discussed the procedures for taking administrative actions against companies/businesses that have not repaid their loans,the current implementation status, plans and methods for recovering matured loans, the level of interdepartmental collaboration, and coordinated future actions to be taken.