Submitted by moiuser on 15 November 2023

Notification No 2/2023

14 November 2023

Notification on one-year extension of COVID-19 loan repayment period for livestock breeding sectors including Myanmar citizen-owned fish and prawn breeding industries

1. The Working Committee to address the impact of Coronavirus Disease 2019 (COVID-19) disbursed loans to the worst COVID-hit livestock breeding sectors including Myanmar citizen-owned fish and prawn farming industries for one year at one per cent interest rate using the COVID-19 fund to recover the COVID-hit businesses as one of its duties on 16 November 2021 and granted K7.63 billion loans of the COVID-19 Fund to 327 companies/industries.

2. It has already been announced that the government extended the repayment period of loans granted to 327 companies/industries further one year when the loan period reached one year on 30 November 2022 under the guidance of the State Administration Council Chairman.

3. At present, businesses are still hampered by the COVID-19 pandemic and the State Administration Council instructed for an extension of another year starting its due date to streamline the circulation of currency flows of local businesses.

4. Therefore, it is here announced that the loan repayment period will be extended for another year from the date it reaches two years to 327 companies and industries from livestock breeding sectors including Myanmar citizen-owned fish and prawn farming businesses that received COVID loans if they meet the following conditions:

(a) they must have paid the first interest of the first year

(b) they must have paid the second interest of the second year on the due date (c) they must be the companies/industries that perform their operations using the loans effectively

5. In the notices of the working committee for loans, it stated, "If it fails to repay, action will be taken under the law," and so if the companies and industries that took loans from the Myanma Economic Bank fail to pay back the principal and interest, they will face legal action as per the terms and conditions of the loan contract and they must repay the outstanding loan completely within the period of extension.

Working Committee to address the impact of Coronavirus Disease 2019 (COVID-19)

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