The meeting of Working Committee to address the impact of COVID-19 on the national economy (3/2024) was held this morning at Office No. (1), Ministry of Investment and Foreign Economic Relations.

The meeting was chaired by Dr. Kan Zaw, Union Minister for Investment and Foreign Economic Relations and attended by the members of the Working Committee; Deputy Ministers for Ministry of Investment and Foreign Economic Relations, Ministry of Labor, Ministry of Commerce, Ministry of Hotel and Tourism. Moreover, Deputy Governor of the Central Bank of Myanmar, Director Generals and senior officials from Ministry of Transport and Communication, Ministry of Planning and Finance, Ministry of Investment and Foreign Economic Relations, Ministry of Labor and Ministry of Commerce also attended.

Dr. Kan Zaw, the Chairman of Working Committee expressed on reimbursement of 50 billion kyats to state revolving fund and 50 billion kyats to general reserved fund, total repayment status of the 100 billion Kyat, the improvement of repayment within June and July after announcement for loan repayment from national newspaper.

The meeting also discussed that those who took concessional loans are obliged to repay since Covid-19 loans are state funds. His Excellency expressed acknowledgement to the companies which has dutifully repaid the loans. The meeting also highlighted that there will be no extension for loan repayment period. Those who failed to repay will be carried out by administrative measures.

The attendees also highlighted to discuss and prepare the repayment of loans that have been dispensed to the Film, Music, Theatrical, Press and Media Sector, Shrimp, farming and livestock sector under the Covid-19 fund.

Moreover, Dr. Wah Wah Maung, Secretary of the Working Committee, Deputy Minister for Investment and Foreign Economic Relations discussed detailed on loan repayment monitoring situations in States and Regions and collaboration processes with concerned Ministries, Credit Supervision Teams as well as ensuring accuracy of loan statistics.

The Deputy Ministers and Director Generals of the working committee expressed the importance of repayment of the loans which are state fund, the processes for administrative measures according to the repayment levels, the need of plan to meet with loan receiving personnel in Yangon and Ayeyarwady regions to repay the loan as soon as possible and to cooperate and coordinate with concern states and regions government officials.

During the meeting attendees also discussed and suggested on the process to be carried out by the committee, overdue loan recovery plans and procedures to repayment state fund, cooperation and collaboration with the departmental concerned.

The chairman of the working committee discussed on roadmaps and administrative measures on recollecting Covid-19 loans.