Loan repayment period extended: Film, music, theatrical, press and media sectors

Working Committee to address the impact of Coronavirus Disease 2019 (COVID-19) on National Economy issued a Notification on a one-year extension of the COVID-19 loan repayment period for film, music, theatrical, press and media sectors 1/2023 on 8 March 2023.

The notification stated that the Working Committee to address the impact of (COVID-19) on National Economy disbursed loans with a one-per-cent interest rate for one year using COVID-19 funds to COVID-hit film, music, theatrical, press and media sectors on 28 January 2022.  

Myanma Economic Bank has granted a K13.1325 billion loan to 879 companies and industries as of 31 October 2022, and those who received the loan in the earliest period reach their due dates for repayment.

Currently, businesses are still hit by the COVID-19 pandemic and the SAC instructed for an extension of another year starting its due date to streamline the circulation of currency flows of local businesses.

Therefore, it is here announced that the loan repayment period of 879 companies and industries from film, music, theatrical, press and media sectors will be extended for another year from the date it reaches one year if they meet the following conditions: (a) they must have paid the interest on the due date (b) they must be the companies and industries that perform their operations using the loans effectively.

In the notices of the working committee for loans, it stated “if it fails to repay, action will be taken under the law”, and so if the 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.