Pact Myanmar, an international small loan company, has announced that it will stop its local lending operations and leave. It has been reported that they will not ask for more than 156 million dollars worth of loans lent to 89,000 people in Burma and will leave. That organization is known as Pact Myanmar, an American-based company that has provided the largest loan service in Myanmar for 25 years. Now, the military council refused to allow Pact Myanmar to register and forced them to leave the country or run illegal businesses. The military council demanded the handover of all profits and assets of the organization and threatened to deregister PMGF as a business to provide microfinance loans if they did not agree to the handover. Starting last year, the military council banned new clients from granting loans, rejected visas of the organization’s senior leaders, and banned foreign income without prior notice. Due to the departure of Pact Myanmar, we have lost one of the largest financial institutions that can lend locally at low interest rates.
