COVID-19 Loans Repayment: Working Committee extended repayment period

The Working Committee to address the impact of COVID-19 on the country’s economy has extended the COVID-19 loan repayment period for one more year again. The committee has already extended the loan repayment period 2 times in 2021. The loan to companies and enterprises were granted starting on the 9th of April 2020.

Dr. Wah Wah Maung, Secretary, Working Committee said "Loans were granted to about 5,990 companies and enterprises which are CMP, Hotels and Tourism, small and medium enterprises, agriculture, livestock breeding, marine products and export products manufacturing industries, import substitute products manufacturing industries, businesses that participate in the supply chain of production in export sector, food production businesses, vocational training schools and overseas employment agencies. A total of 158.4438 billion loans were granted from the 200 billion Kyats funds. Most of the companies still need time to re-operate their businesses - that’s why we extend the loan repayment period for one more year."

The interest rate for the loans is only 1 percent per year. The companies, enterprises businesses which took out loans need to pay the interest to get the loan repayment period for one more year. Legal actions will be taken under the law against those who fail to repay the loans.