Myanmar has recently ordered to close all business except food production, petroleum, pharmaceutical, private hospital, electricity, and banks....Country is being lockdown, all incoming and outgoing flights are stopped, passengers will placed in facility quarantine for 14-21 days, social distance is being implemented not to gather more than 5 peoples, and at least 3 feet away from each others.
Economy will be hard hit by the crisis as tourism is down, garment factories are closed due to lack of material supply, buyers stopped order, migrant workers are being sent back home, export business are closed.... Clients are facing with difficulty since there is no income generated due to businesses are closed. MFIs is ordered to halt all business operations including loan disbursement, repayment collection, saving collection, financial education, which will be badly impact on microfinance industry in term of liquidity, solvency as well as sharp increase of NPL, branch office is not allowed to assemble more than 5 staff. the country is being lockdown for one month and travel restriction imposed, these are major affect to MFIs business and economic as a whole.
Series of preventive measures have been introduced to staff to stay safe and heathy including temperature check every clock-in and clock out time for staff and customers, staff are split to take turn to rotate including work from home, arrange social distance at workstation as well as customers areas...keep tight monitoring on liquidity and financial covenant through discussion with existing and potential lenders, discuss with regulators on loan restructuring and provisioning....etc
Myanmar has recently ordered to close all business except food production, petroleum, pharmaceutical, private hospital, electricity, and banks....Country is being lockdown, all incoming and outgoing flights are stopped, passengers will placed in facility quarantine for 14-21 days, social distance is being implemented not to gather more than 5 peoples, and at least 3 feet away from each others.
Economy will be hard hit by the crisis as tourism is down, garment factories are closed due to lack of material supply, buyers stopped order, migrant workers are being sent back home, export business are closed.... Clients are facing with difficulty since there is no income generated due to businesses are closed. MFIs is ordered to halt all business operations including loan disbursement, repayment collection, saving collection, financial education, which will be badly impact on microfinance industry in term of liquidity, solvency as well as sharp increase of NPL, branch office is not allowed to assemble more than 5 staff. the country is being lockdown for one month and travel restriction imposed, these are major affect to MFIs business and economic as a whole.
Series of preventive measures have been introduced to staff to stay safe and heathy including temperature check every clock-in and clock out time for staff and customers, staff are split to take turn to rotate including work from home, arrange social distance at workstation as well as customers areas...keep tight monitoring on liquidity and financial covenant through discussion with existing and potential lenders, discuss with regulators on loan restructuring and provisioning....etc