Myanmar Govt Extends Temporary Suspension of Microfinance Operations to May 15

Source: Myanmar Times

The Financial Regulatory Department first issued Directive No (2/2020) on 6 April, under which the process of lending and collecting of loans by microfinance institutions would be suspended until April 30.

The ministry said that neither principal nor interest should be collected “with force”. The temporary suspension of microfinance activities aligns with government efforts to prevent the spread of COVID-19 through mass gatherings and close contact, said U Thant Sin, director of the Financial Regulatory Department.