Myanmar Times | U Thaung Tun, Minister for Investment and Foreign Economic Relations, approved a second tranche of COVID-19 funds totalling K21 billion from the government’s coffers on October 14 to support ailing businesses.
The funds will be distributed to 1200 businesses affected by COVID-19. The first tranche of funds totalling K20.8 billion was distributed to 1041 businesses.
The funds are part of a second K100 billion COVID-19 loan program to support businesses suffering from the impact of the pandemic. Under this program, businesses in agriculture, livestock and fisheries, exports and import substitution, supply chain and logistics, food processing and overseas job agencies will be given priority.
Under the first loan program, the government had focused on helping garment and tourism businesses. A total of 3239 companies received the funds directly while the Myanma Economic Bank has disbursed the loans to 154 more businesses.
“The processing of the loan applications took time. We had to make sure the loan verification process was correct and in compliance with health guidelines,” said U Thein Swe, Minister of Labour, Immigration and Population.
Furthermore, the Ministry of Planning, Finance and Industry has also set aside K15 billion to support the Myanmar movie, music and theatrical industry as well as the press and the media industry.
U Thaung Tun said the authorities will carry out an economic impact assessment and consider further relief plans based on the assessment. – Translated