Economic Remedies: Additional K 100 Billion to Put into COVID-19 Fund

Ministry of Planning, Finance & Industry issued an Announcement No. 2/2020 14th Waxing of First Waso 1382 ME, 3 July 2020.

The announcement said:

(1) The Committee for Remedying Economic Effects of COVID-19 made a decision at the meeting (6/2020) on 17 June 2020 to put in an additional 100 billion Kyats into the COVID-19 Fund. This decision was made in order to continue providing financial assistance to businesses negatively affected by COVID-19.

(2) The Ministry of Planning, Finance and Industry will conduct the following procedures with the permission of the Union Government:

(a) K150 billion from the Union general reserved fund of 2019-2020 financial year will be allocated as follow:

(i.) 100 billion Kyat will be added to the COVID-19 Fund.

(ii.) 50 billion Kyats inserted during the conception of the COVID-19 Fund by the Social Security Board will be transferred back to the Social Security Board’s fund.

(b) The addition of 100 billion Kyats will be separated into three deposits. The first deposit will be made of 35 billion Kyats, the second of 35 billion Kyats, and the third of 30 billion Kyats.

(3) The committee will announce the types of businesses eligible for loans from the COVID-19 Fund, interest rates, loan periods, and other rules and regulations at a later date.