U Khin Maung Lay(Phoe Thauk Kyar), the Vice Chairman of the Myanmar Press Council (Interim) confirmed to Mizzima that the Minister of Information made the pledge at a meeting between the President, Information Ministers and representatives from Press Council held at the President's residence in Naypyitaw on September 1.

“The Minister said they will provide bank loans for private newspapers. It is good news for the media  if they announce this officially”, said U Khin Maung Lay.

The arrangements for loans will be made with the recommendation from the Press Council once the Press Media Law is approved.

U Ye Htut, the Vice Minister of the Ministry of Information confirmed to Mizzima that they will work with state-owned banks to provide the loans.

“We have to talk with the Ministry of Finance and other departments. After that, we will work out an arrangement for loans as soon as possible”, said U Ye Htut.

“We will provide loans and other assistance as we are concerned about media groups going under due to financial constrains, while the stronger groups are controlling the media”, U Ye Htut explained.

U Khin Maung Lay said that the President also assured that he will promote freedom of the media when he met with the Press Council representatives.

“The President believes that a Democratic Union must have 'media freedom' and he will assist the media to achieve it”, he said, recounting the President’s words.