Only 200 of over 2,000 local tour companies so far receive loans from COVID – 19 funds

Local tourism businesses affected by the Covid-19 outbreak demanded about Ks50 billion from the Covid-19 Fund, but only about Ks3 billion has been received, which went to about 200 of over 2,000 tour companies, said Naung Naung Han, president of Myanmar Tourism Federation.

“As we were impacted by the Covid-19 pandemic, we asked for about Ks50 billion. We submitted that we needed Ks100 billion for hotel industry and Ks50 billion for restaurants. But we have so far received in about Ks3 billion in loans for the tourism industry. There are over 3,000 registered tour companies and about 2,000 are operating. Talking about percentage, we have received about 10 or 15 percent,” he said.

The Covid-19 Fund has provided a loan of Ks101 billion in seven batches. Over Ks70 billion went to MSMEs manufacturing foodstuffs, consumer goods and general goods and providing services. Over Ks15.7 billion went to hotels, according to a statement released by the economic recovery work committee.

The committee formed to recover Myanmar’s economy affected by the Covid-19 outbreak raised the Covid-19 Fund and started giving loans to CMP businesses, hotels and tour companies and SMEs on April 9 this year.

(Eleven Media Group: https://elevenmyanmar.com/news/only-200-of-over-2000-tour-companies-so-far-receive-loans-from-covid-19-fund )

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