COVID-19 Relief Loan: Special Loan Disbursed To The Farmers In Mon State

The COVID-19 Special Relief Loan is being disbursed to the farmers in Mon State starting June, according to Mon State Myanmar Agricultural Development Bank.

The COVID-19 affects to Myanmar’s agriculture sector at a certain extent and so that the COVID-19 special relief loan will be disbursed to farmers who are granted monsoon agricultural loans. 

Manager, Myanmar Agricultural Development Bank (Mon State), Kyaw Swa Hlaing said “During COVID-19 period, many sectors are affected and agriculture sector also includes. That’s why, we have arranged to disburse COVID-19 Special Relief Loan in June. We will disburse 50,000 kyats per acre up to 10 acres.”

The agricultural loan is disbursed depending on the crops and now the COVID-19 Special Relief Loan is disbursed depending on the farmland possession, the Manager of Myanmar Agricultural Development Bank in Mon State added.

Manager, Myanmar Agricultural Development Bank (Mon State), Kyaw Swa Hlaing said “This is COVID-19 Special Relief Loan and it is not the same with agricultural loan. The agricultural loan is disbursed depending on the crop. If a farmer has 10-acre of farmland and he cultivates monsoon paddy and winter crops, he can disburse agricultural loan. But, COVID-19 Special Relief Loan can be disbursed only once time for an acreage. It will be disbursed to the farmers who have no debt in the previous agriculture loan.”

Over 1,400 million kyats will be disbursed for 287,700 acres in Mon State and the interest rate is 5 percent. The COVID-19 Special Relief Loan will be disbursed from June to the end of September in Mon State and the loan period is at the end of September next year.