Junta chief pushes for loan repayment on time

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Yangon, October (5)

Military leader, General Min Aung Hlaing has pushed businessmen to repay the loans granted by the state for investment projects for the purpose of developing businesses within the specified period.

He made the request at a meeting with Myanmar Chamber of Commerce and Industry (UMFCCI) and Ministry of Micro, Small and Medium Enterprises (MSME) businessmen held in Yangon on October 3.

The military leader said that he will be able to lend enough additional loans only when the loans are returned and that the state has a budget for domestic use and will provide the necessary loans for businesses as much as possible.

In addition, he said, a moratorium will be set for those who are having trouble repaying their loans due to the pandemic, and the regime will also provide investments.

As a consequence of the coup, most businesses are facing a general crisis, so people want to suspend loan repayments, said a businessman.

The military leader also said that he wants the debtors to pay the loan and taxes in full and will use the money for national economic development in the coming budget periods.

 After the military coup, businesses have been forced to shut down due to power outages and the high fuel prices for generators.

The economy of Myanmar has been in turmoil for more than a year and a half, and the people are also suffering from rising commodities prices as a result of the depreciation of Myanmar currency.

However, the military leader, General Min Aung Hlaing, bragged that he would develop the agriculture and livestock sectors, the lifeblood of Myanmar’s economy.

News – Than Lwin Times

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