COVID-19 Special Loan Steering Committee Meeting held
COVID-19 Special Loan Steering Committee Meeting held
Nay Pyi Taw, December 23
The COVID-19 Special Loan Steering Committee Meeting was held this morning at the Internal Revenue Department, Office (46) and attended and delivered a speech by Union Minister for Finance and Revenue Dr. Kan Zaw, Chairman of the Committee.
The Meeting was also attended heads of departments under the Ministry of Finance and Revenue, the Ministry of Investment and Foreign Economic Relations, and officials.
First, the Chairman of the Committee, Union Minister Dr. Kan Zaw said that the COVID-19 Special Loan Fund Account was established Kyats (214.096) billion which transferred the National Disaster Management Fund at Myanma Economic Bank in Nay Pyi Taw with the approval of the Central Committee for COVID-19 Prevention, Control and Treatment and the Union Government. Its aims is to disburse loans to State-owned economic enterprises, Myanmar-owned enterprises that cooperate with the State which have been affected by the COVID-19 pandemic in order to ensure the normal operation of businesses and economic recovery for the contribution to the country’s economic development. Then, an additional allocation of Kyats (25.821) billion was received from the National Disaster Management Fund to the Fund on 31 May 2023 and it became total funding to Kyats (239.917) billion at the Fund. According to the approval of the “COVID-19 Special Loan Steering Committee and Loan Screening and Supervision Team” were formed and the loans were screened and disbursed in line with the procedures of the Fund.
He noted that the previous meeting of the Committee (3/2022) was held on 14 September 2022 to discuss the possibility of disbursing loans to Aviation Sector. He highlighted that now the “COVID-19 Special Loan Steering Committee and Loan Screening and Supervision Team” have been formed.
He noted that the COVID-19 Special Loan Fund provided loans to Aviation Sector, Oil Seed Production Sector to cover the cost of growing sunflowers.
He noticed that some have been able to repay their loans in full, while some businesses are still paying off their loans both principal and interest. Therefore, he highlighted that this meeting was convened to record the loans disbursement, loan repayment, progress of effective using loan, and review of impact analysis.
Then, the Secretary of the Committee, the Managing Director of Myanma Economic Bank presented about the establishment of the COVID-19 Special Loan Fund, the implementation and disbursement of loans, and status of the documentation process to submit to the Union Government in every (6) months.
The members of the Committee who are directors general under under the Ministry of Finance and Revenue, the Ministry of Investment and Foreign Economic Relations discussed the disbursement of loans from the Fund and find the ways to negotiate businesses to repay their loans to the Fund in time.
It is reported that the Union Minister, Chairman of the Committee gave a concluding speech and then adjourned the meeting.