Myanmar disburses loans to over 3,300 pandemic-hit businesses

Source: Xinhua| 2020-07-08 23:46:15|Editor: huaxia

YANGON, July 8 (Xinhua) -- Myanmar government has disbursed loans to 3,393 vulnerable businesses hit by the COVID-19 so far, according to a release from the COVID-19 Economic Relief Work Committee on Wednesday.

A total of over 101.1 billion kyats (over 72.2 million U.S. dollars) were provided to the pandemic-hit businesses since early April, the committee's release said.

The release said that 69.30 percent of loans were provided to 2,550 micro, small and medium enterprises (MSMEs) in the fields of manufacturing food, consumer products and services.

Under the country's COVID-19 Economic Relief Plan, the businesses impacted by the pandemic have been provided with loans at one percent interest rate for one year.

The 10 criteria which the applicant company needs to meet include the facts that it must be a citizen-owned enterprise hit by the COVID-19, must be an operating enterprise or an enterprise that has temporarily halted operations for three months and can start operations once it receives the loans and others.

As of Wednesday, Myanmar has reported 317 confirmed cases of COVID-19 with six deaths so far, according to latest figures released by the Health and Sports Ministry. Enditem