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Ministry of Planning, Finance and Industry (MOPFI) requested permission to borrow USD $ 170,72 million for electrification project for 400,300 households
The Ministry of Planning, Finance, and Industry requested permission from the Pyidaungsu Hluttaw to borrow $170.72 million from ADB Bank to implement an electrification project that will power 400,300 households. This project will take seven years to implement, and the annual interest rate is 1 percent during eight years of the grace period and 1.5 percent in 24 years of repayment. The project will provide power to 8.77 percent of households in Karen State, 6.31 percent of families in the Magway Region, 8.77 percent of families in the Bago Region, and 17.52 percent in Ayeyarwaddy Region. -
Ministry of Hotels and Tourism (MOHT) is conducting tourism relief plans for recovery of the sector during the post coronavirus era
Myanmar’s tourism industry is implementing relief plans for recovery of the sector during the post-coronavirus era — new normal, said U Myint Sein, head of Magway Region Directorate of Hotels and Tourism. “The State allowed the hotel and motel businesses to apply for the loan in order to remedy those businesses hardly stricken by the pandemic impacts. Of 50 hotels and motels in the region, 17 applied for it and 11 were granted loans”, he stated. The regional directorate submitted reports of the frequency of hotels, capitals and tax payment conditions and business operation plans during the coronavirus period. The Union of Myanmar Federations of Chamber of Commerce and Industry granted K35 to 60 million loans depending on the situations. “In addition to this, plans for training courses for those employees related to the tourism industry, paying an allowance of K4,800 per day, have been undertaken. The plans are slated to start in July-end or August”, he continued. -
Myanmar has earned over USD $ 3,500 million from gas, garment export in the past five months of the current fiscal year
Myanmar has earned over US$1,500 million from gas export and over US$2,000 million from CMP garment export over the past five years of the current fiscal year, according to data from the Ministry of Planning, Finance and Industry. From October to February in the current 2019-2020 fiscal year, US$1,576.07 million from gas export and US$2,083.60 million from CMP garment export totalling US$3,650.67 million. This year’s export value of these two items exceeded US$311.34 million compared to the same period of last financial year. From October to February in the previous 2018-2019 FY, gas export was valued at US$1,431.72 million and garment export at 1,907.61 million. -
Magway Region plans to cultivate more than 3 million acres of monsoon crops including bean, sesame and paddy
More than 3.1 million acres of monsoon crops including bean, sesame, and paddy will be cultivated in the 25 townships of five districts in Magway Region this year, according to the Region’s Agriculture Department. During monsoon, a total of 634,475 acres of monsoon paddy, 20,962 acres of maize, 489,390 acres of groundnut, 1,113,130 acres of sesame, 13,070 acres of sunflower, 475,488 acres of green gram, 184,449 acres of pigeon peas, 192,261 acres of cotton and 15,008 acres of sugarcane are being put under cultivation this year. “Magway region grows the sesame mostly. There are more than 1.1 million acres of monsoon sesame. Then, Magway region also grows monsoon paddy and variety of beans including groundnuts, green grams and pigeon peas. The department is negotiating with the growers to choose the long term crops to suit the changing climate,” said Director U Lin Myat of Regional Agriculture Department. -
Fisheries Department earmarked K 6 billion to support fish species for 150,000 acres of fish ponds
The fisheries department will spend K6 billion to support fish species for 150,000 acres of fish ponds as the entrepreneurs are adversely affected by the outbreak of coronavirus disease, according to an official from the Fisheries Department. The fish species will be supplied within July, August and September. The fingerling species will be distributed through 27 hatching camps under the Fisheries Department. If it is not sufficient, we will invite tender from outside, he said. “We are not ready yet. We are just formulating the plan. We need to check the need of the entrepreneurs. We are also coordinating for the tender process,” he added. Out of 150,000 acres of fish ponds, most fish ponds are located in Yangon, Bago and Ayeyawady regions. The tender will be invited for those regions while the remaining regions and states will be supported by the fish species production camps, he further said. -
Internal Revenue Department (IRD) urged taxpayers to pay tax via online, e-payment methods
Internal Revenue Department urged taxpayers to pay tax using e-payment methods instead of paying taxes in person. It has been working with m-Banking, e-Banking, i-Banking, and mobile payment services to enable taxpayers to make the tax payment easily while staying safe by avoiding crowds. To pay tax, users need to go to IRD Website’s online payment link, Start Your Tax, and make tax payments using MPU Corporate Debit Card or online payment services provided by CB Bank, AYA Bank, UAB Bank, and KBZ Bank. -
Myanmar and Chinese government plan to promote cooperation on digital economy and cross – border e-commerce systems
Myanmar and China plan to promote cooperation on digital economy and cross-border e-commerce systems to allow trade and economic activity to proceed smoothly during times of pandemic. An online meeting was held on Thursday between the Mandalay Region government, the Myanmar Ministry of Commerce, the International Liaison Department of the Central Committee of the Communist Party of China (IDCPC) and the government of China’s Yunnan province. The meeting aimed to promote collaboration between Mandalay Region and Yunnan province in implementing bilateral agreements between the two countries, especially the promotion of digital economy and e-commerce. According to a press release from the Chinese Embassy, Yunnan province will provide the training for cross-border e-commerce operators from Mandalay region to help export agricultural products such as rice, beef, bananas and pineapples to Yunnan, or to China’s domestic market through Yunnan. -
The actions will be taken against fraudulent company registration under Myanmar Companies Law
Any scams and frauds by scammers using fake company registration certificate can face legal actions under Myanmar Companies Law, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA). Most of them are microfinance businesses which have close contact with the people, using a fake ID, he continued. In recent days, a scammer mimicked the legitimate company (Ngwe Marlar Microfinance Co., Ltd) which has been registered on DICA’s online registry system MyCO and scams are reported on social networks, the DICA notified. “The common scams are found in microfinance businesses which can draw public interests. The people were warned to beware of frauds by scammers with fake registration. Firstly, we have notified the public of scams at the soonest. “Later, we will take actions against the scammers under Myanmar Companies Law. This is the first time we experienced a financial scam using a fake certificate. Sure, we can take legal action under the law,” he added. -
The domestic investments reached K 1,454 billion and USD $ 308 million as of 18 June in the 2019 – 2020 fiscal year
Domestic investments by Myanmar citizens, including an expansion of capital by existing enterprises, have reached K1,454 billion and US$308 million as of 18 June of the 2019-2020 financial year since October, according to a press statement issued by the Myanmar Investment Commission (MIC). Between 1 October and 10 July in the current fiscal, Myanmar Investment Commission (MIC) and the respective region and state investment committees gave green lights to 87 local enterprises to invest in various sectors, with estimated capitals of over K1,162 billion and $204.5 million. Domestic investments have flowed into the real estate, manufacturing, hotels and tourism, construction, industrial estate, energy, mining, livestock and fisheries, agriculture, and other services sectors, according to the Directorate of Investment and Company Administration (DICA). -
Myanmar government is willing to collaborate with private partners on waste to power projects
The government is willing to collaborate with private partners to implement waste to power projects in Kachin State, Chin State, Kayah State, Bago Region, Magway Region, Mandalay Region, Mon State, Rakhine State, and Ayeyarwaddy Region, said according to U Nyi Nyi Tun, Member of Naypyidaw Council. Britain based Organic Asia Co., Ltd, and Yangon based Shwe Pyi Company have signed an MoU to build a waste-to-power plant in Shan State.
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