OF the K452 billion issued by the State Economic Promotion Fund, K292.278 billion has been lent as of 31 July, Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein, who is also the Chairman of the State Economic Promotion Fund Management Committee, said during the fourth meeting for the State Economic Promotion Fund Management Committee held in Nay Pyi Taw yesterday.

The Deputy Prime Minister stated that the collection of loans following the procedures plus maintaining the original capital and increasing it is a must.

The Deputy Prime Minister pointed out that amendment of the financial procedures and regulations of the State Economic Promotion Fund is also essential to be able to continue the loan process that was temporarily suspended due to Cyclone Mocha. Loans that exceed the net amount are processed as per the terms and conditions.

He also reminded some of the guidance of the Chairman of the State Administration Council at this meeting.

In his keynote speech, the SAC Chairman said that it is necessary to carry out agricultural and livestock activities regionally to support food and to prioritize balancing demand as national economic promotion funds have already been released.

During his visit to inspect the maintenance conditions in Bagan on 26 and 27 August, the SAC Chairman also instructed all to “systematically issue and pay attention to the collection of national economic promotion funds.

During the meeting, the members of the committee discussed the issues of supervision and review of the lending process, and the chairman of the committee coordinated the necessary matters.

MNA/KZL

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