THE Working Committee to address the impact of Coronavirus Disease 2019 (COVID-19) has announced that the loan repayment period will be extended for another year from the date it reaches two years for the companies/businesses that perform their operations using the COVID-19 loans effectively, and they will face action as per the terms and conditions of the loan contract if they fail to repay the principal and interest.

The committee released the statement on the one-year extension of the COVID-19 loan repayment period for livestock breeding sectors, including Myanmar citizen-owned fish and prawn farming industries, on 14 November.

The government extended the repayment period of loans granted to 327 companies and industries further one year when the loan period reached one year on 30 November 2022 under the guidance of the State Administration Council Chairman.

But they must meet the requirements: (a) they must have paid the first interest of the first year, and (b) they must have paid the second interest of the second year on the due date, the statement said.

The committee started disbursing K7.63 billion Covid-19 loans to 327 companies and industries, including Myanmar citizen-owned fish and prawn farming industries, for one year at a one-per-cent interest rate on 16 November 2021.

—NN/ KTZH

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