U Soe Win, Union Minister for Planning and Finance, urged entrepreneurs to systematically keep their assets, accounts and cash flow statements

Union Minister for Planning and Finance Soe Win has urged entrepreneurs to keep their assets, accounts and cash flow statement systematically, at a regular meeting between the Vice-President and private entrepreneurs in Yangon on December 14.

“These documents would help support the measurements of our performances. The systematic keeping of these records would enable departments to see the cash flow statement and help support cooperation with foreign investors. In a bid to help local entrepreneurs get financial aid, Myanma Economic Bank (MEB) have been granting loans to manufacturing, service, transportation and construction sectors. The interest rate for a one-year loan is 11 per cent. The interest rate for a loan with less than three year repayment period is 12.5 per cent. The long-term loan interest rate is at 12.25 per cent. In addition, the MEB grants policy loans. The MEB can grant loans worth up to Ks300 million. The MEB has to seek the approval from the ministry for the disbursement of above Ks 300 million in loans”, said the minister.

For the Small and Medium-sized Enterprise (SMEs) development, the ministry is working to disburse the two-step loans, in cooperation with the Japan International Cooperation Agency (JICA) and help them get loans from private banks.

Currently, Myanmar is implementing the credit bureau system that will keep the information about money lenders and borrowers and provide services about the enforcement of loan rules and the repayment of loans. Those who get the highest rank can take loan easily.

(Eleven Media Group: https://elevenmyanmar.com/news/minister-calls-for-more-business-records )

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