Cooperatives set to receive K550 billion in funds


Funds for farmers and the agricultural sector totalling more than K550 billion are going to be provided to central cooperative associations on July 7, said Director U Myo Aung of the Ministry of Agriculture, Livestock and Irrigation.

The funds will then be distributed to regional and state-level, which will then disburse the money to farmers as loans.

Under the program, K542.78 billion has been allocated to cover agricultural costs or as small capital loans, K1.7 billion loans to purchase agricultural equipment, K1.15 billion for seed production associations and K7.18 billion for the promotion of the agricultural sector, he said.

He said policies for cooperatives are being drafted, so that less conventional types of loans will also be included this year.

“K1.83 billion is being allocated for loans which are intended for regional development in townships across regions and states,” he said.

Cooperatives have been viewed poorly by the public and have even been opposed in parliament. However, a joint study by the Ministry of Planning and Finance, the United Nations Capital Development Fund and DaNa Facility development program, revealed the main source of capital in rural areas are loans from the Myanmar Agricultural Development Bank and cooperatives.

Source: Myanmar Times

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