MT News
State Administration Council announced on 4 October that the period for repayment of COVID-19 loan worth over Ks-158 billion will be extended for one year.
To mitigate the economic impact of the COVID-19 pandemic, COVID-19 loans worth Ks-158.44438 billion was disbursed to 5,990 businesses according to priority sectors at one percent interest rate for one-year- period as of 9 April 2020.
Under the guidance of the SAC chairman, the State announced the extension of repayment loans period for six months on 17 March 2021 for the first time and next six months on 11 September 2021 for the second time, totaling one year.
At present, SAC instructed to extend the repayment of loan period for next one year for the smooth flow of currency of businesses in Myanmar because there are many businesses impacted by COVID-19 pandemic.
Action will be taken against companies and businesses which fail to repay the loans during the set period in accordance with the bank procedures.
