Notification No 4/2022

30 November 2022

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-hit livestock breeding sectors including Myanmar citizen-owned fishand prawn farming industries for a one-year period at a one per cent interest rate using the COV- ID-19 Fund to recover the COVID-affected businesses as one of its duties on 16 November 2021.

2. The Myanma Economic Bank granted K7.6 billion loans of the COVID-19 Fund to 325 companies/businesses as of 31 October 2022, and the due date of the repayment period for those who received loans in the earliest period is approaching near.

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 its due date for the companies/businesses 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 interest on the due date

(b) they must be companies/industries that perform their operations using loans effectively

5. In the notices of the working committee for loans, it states "if it fails to repay, action will be taken under the law" and so if the companies/industries that took loans from the Myanma Economic Bank fail to pay back the capital 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)