Myanmar provides 31.8 billion kyats loans to vulnerable business affected by the COVID-19

25 June 2020
Myanmar provides 31.8 billion kyats loans to vulnerable business affected by the COVID-19
People holding umbrellas as they cross a road during rainfall in Yangon. Photo: Ye Aung Thu/AFP

The Myanmar government has provided 31.8 billion kyats (22 million U.S. dollars) loans to the most vulnerable business affected by the COVID-19, an official from the Ministry of Planning, Finance and Industry told a press briefing, Xinhua reported.

Meanwhile, the government will also provide 50,000 kyats (35.7 U.S. dollars) loans per acre as COVID-19 Special Relief loans to the local farmers at 5 percent annual interest rate starting this month to mitigate the impact of the pandemic on the agricultural sector, he said.

It was learnt that a total of 600 billion kyats (428 million U.S. dollars) special relief loans will be given out for 12 million acres until September along with annual monsoon agricultural loans to the farmers.