Working Committee meeting: Discussions on loans to address COVID-19 impact

The meeting of the Working Committee to address the impact of COVID-19 on the national economy 1/2025 was held at Office No 1, Ministry of Investment and Foreign Economic Relations in Nay Pyi Taw on January 16.

During the meeting, the committee Chairman, the Union Minister for Investment and Foreign Economic Relations Dr. Kan Zaw, discussed the complete recollection of a total of 118 bilion Kyats including 50 billion Kyats to the State Revolving Fund from the 200 billion of COVID-19 relief loan and 68 billion disbursed from the General Surplus Fund, the status of loan repayments to the State, the implementation of public announcements in state-owned newspapers about the repayment of loans, the current outstanding loans and possible management methods to facilitate repayment, matters to issue the notification in advance to repay the loans disbursed to the film, music, arts, journalism, and media sectors which will be due within 2025.

The Committee Secretary, Deputy Minister for Investment and Foreign Economic Relations Dr. Wa Wa Maung, elaborated on the status of loan repayments to the State, the collection of loans, and the remaining loan balances by region or State, the outstanding loans to be collected by the Myanmar Economic Bank, Regions and States Credit Supervision Teams, and private banks.

Furthermore, the attendees discussed the current state of the loan management processes, the arrangements for collecting overdue loans, and strategies to ensure that national funds are not lost or mismanaged. The meeting emphasized the importance of inter-departmental cooperation to ensure effective collection and repayment of loans.