Insiders urge govt to expand garment making value chain as exports decline in Myanmar

Myanmar is raising efforts to draw factories that produce raw materials for the garment manufacturers such as buttons and thread to invest in Myanmar, said U Aye Thaung, , chair of the Shwe Lin Pan Industrial Zone. Currently, garment manufacturing in Myanmar is carried out in a cut-make-pack style, where fabrics and accessories are imported […]

Govt drafts new recovery, reform plan for Myanmar economy

The government is drafting a new Myanmar Economic Recovery and Reform Plan (MERRP) after a recent review of the COVID – 19 Economic Relief Plan (CERP), which was rolled out on April 27, U Thaung Tun, Minister of Investment and Economic Relations, said at during webinar organised by AusCham Myanmar last week. “We know that […]

Govt order to close businesses in Covid-hit Yangon for two weeks likely to cause financial difficulties NEWS

As some businesses in Yangon city need to halt operation after the government’s announcement on a strict stay-at-home order, it will trigger financial woes and difficult living conditions, some local sources say. Since the order was announced at 8 pm on September 21, some shops and businesses in the city have closed while some others […]

Govt targets 6% GDP growth in 2020-21

Parliament has approved the National Planning Law for fiscal 2020-21, under which the Myanmar economy is forecast to grow at a rate of 6 percent. In comparison, the economy was projected to expand by 7pc in fiscal 2019-20 but due to COVID-19 is now expected to have grown by just 4.3pc instead, according to official […]

Govt plans stimulus payments for 5.4M households

The government will give K20,000 in stimulus money to each of 5.4 million households across the country to counter the economic slowdown caused by the COVID-19 pandemic, a government spokesperson said. U Zaw Htay, spokesperson of the President’s Office, said his office will seek the permission of others agencies to make the payments. “We have […]

Govt signs PPA for first LNG plant in Myanmar

Myanmar has signed a power purchase agreement (PPA) to buy electricity from a liquefied natural gas (LNG) plant. The project company of CNTIC VPower Group inked a five-year PPA with the Ministry of Electricity and Energy’s Electric Power Generation Enterprise (EPGE) on June 10. Tariffs and other details have not been disclosed, but the energy […]

Education minister says govt financial rules slow progress

Education Minister U Myo Thein Gyi said the government’s strict financial regulations have hobbled his ministry’s efforts to build more schools and other facilities, especially in remote areas. He said the ministry had to return more than K55 billion (US$36.33 million) to the government last year for failing to begin construction projects across the country. […]

Govt targets 10% for tax to GDP ratio

Finance Minister U Win Shein said the country has aimed to increase the tax to GDP ratio to 10 percent this year. Myanmar has the lowest tax-to-GDP ratio in ASEAN, at 8pc in 2014-15, though it has improved markedly since 3.7pc three years ago. The minister said he hopes foreign investment will grow and the […]