Myanmar has decided to immediately implement its law restricting the imports to protect the small and medium enterprises in the country.

The notification issued by the President’s office on Wednesday allows the government to control the volume of imports in the country by levying provisional protection duties and imposing import volume restrictions.

Fuel, food items, construction material and vehicles constitute the highest import for Myanmar.

In nine months of the current financial year, the trade deficit for Myanmar has increased by  770 million dollars compared to the same period last year.

In the meanwhile, six European countries have agreed to postpone Myanmar’s loan repayment liability of approximately 100 million dollar  till December. It also called upon other sovereign creditors also to show similar support.
Myanmar has a current national debt of about 10 billion dollars out of which 4 billion dollar is owed to China.