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To monitor and control of credit risk, the Central Bank of Myanmar will improve financing of business establishments, especially SMEs, and shift from a collateral-based to risk-based lending system
Reading through the 7/2017 directive by the Central Bank of Myanmar (CBM) on the implementation of the Asset Classification and Provisioning Regulation, the words and phrases that captured my attention were: “cash flow pattern of the borrower”, “credit risk analysis” and “term loans with up to a maximum maturity of three years.” These technical terms are essential ingredients for effective financing of business establishments, especially small and medium enterprises (SMEs). By issuing the directive, the monetary authority is allowing local banks to make medium-term loans based on the business cycle and cash flow patterns of the SME. This represents a shift from a collateral-based to risk-based lending system, which is a significant development in the banking sector. -
Mandalay Myotha Industrial Park project attracted US$500 million local and foreign investments as of mid January 2018, which includes investments from Thailand
The Mandalay Myotha Industrial Park project in Myanmar's central Mandalay region has attracted 500 million U.S. dollars of local and foreign investment as of mid this month, Xinhua reported quoting state media. The project is jointly implemented by the Mandalay government and Mandalay Myotha Industrial Development (MMID) Public Company, aiming to construct more than 100 plants on a 1000-plus-acre compound within three years. At present, five factories including animal feed plants, a saw-mill, a concrete plant and a snow cookie plant with investments from Indonesia, Denmark, Thailand, China and China's Hong Kong are operational, the report said. -
In order to meet Myanmar’s growing electricity demand, Myanmar government gave the green light to private investors in four gas-fired projects
YANGON — The government has finally revealed how it plans to meet Myanmar’s growing electricity needs, giving the green light to private investors in four gas-fired projects. Minister for Electricity and Energy U Win Khaing yesterday oversaw the issuing of a “notice to proceed” to investors in the four projects at a ceremony in Nay Pyi Taw, the ministry announced on its Facebook page this morning. The projects – comprising several billion dollars of investment – would collectively add more than 3,000 megawatts of capacity to the national network and essentially double existing output. Three of the projects, at Kanbauk in Tanintharyi Region, Mee Laung Gyaing in Ayeyarwady Region and Ahlone in Yangon Region, are for imported liquefied natural gas. A fourth, at Kyaukphyu in Rakhine State, is for natural gas. -
Central Bank of Myanmar has no plan to change existing interest rates until 2020 (U Soe Thein, Vice-Governor of CBM)
The Central Bank of Myanmar (CBM) will not revise the interest rates on bank deposits, borrowings and government treasury bonds, CBM Vice-Governor U Soe Thein told the media on Tuesday. As it must keep inflation stable and maintain the rate at which the government borrows money to fund the fiscal deficit, the CBM has no plans to change existing interest rates until 2020, U Soe Thein said. “The CBM has a mandate to keep inflation stable and support the government in narrowing the fiscal deficit. So, we will not change or reduce interest rates up until 2020 at least. Beyond that, if conditions are suitable, and these two factors are under control, there may be some relaxation in the rates,” he said. Currently, the Central Bank Rate is 10 percent per annum (pa). The Minimum Bank Deposit Rate is 8pc pa, while the Maximum Bank Lending Rate is 13pc pa, according to the CBM’s website. -
Fencing along 8,200 foot Hanthawaddy international airport project in Bago region is expected to finalized by the end of this financial year
Fencing along the 8,200-foot Hanthawaddy International Airport project in the Bago Region is now 65 per cent complete, and it is expected to be finalised by the end of this financial year, according to a project engineer from the Department of Civil Aviation. The fencing project is being implemented with a budget of Ks400 million. The department faced some difficulties while fencing the target area because of the presence of local restaurants and farmlands within the project area. The Bago Region government and the department held several negotiations with restaurant and farmland owners, following which the task was completed. The total area to be fenced is 84,480 feet (16 miles). In the initial stage, the organising body allocated Ks400 million to fence 8,200 feet of the area within this fiscal year (FY); however, the executive body is trying to complete the project before 31 March. -
Shan State authority plans to build a 2500 acre wide international standard avocado cultivation zone this year
YANGON- A 2500-acre international level avocado cultivation zone will be built in Shan State this year under the help of the Shan State Government Committee, according to Myanmar Avocado Producer and Exporter Association. “We will be establishing the 25,000-acre wide avocado plantations. Current avocado growers are farmers living in Shan State. They have to grow avocado plants according to their traditional methods. As for our association, we are going to collect quality control and cultivation methods. Later, we will build the avocado plantation zone. We, the association, urged the Shan State Government Committee to establish avocado plantation zone as well as the state government committee replied that they would provide required assistances. Moreover, we will be submitting our plan to the state government committee. If government will locate the land plot which is nearby the farmers as well as us, we are going to implement our project within two or three months.” said Lin Thant Aung from Myanmar Avocado Producer and Exporter Association. -
Myanmar Investment Commission prioritizes low-technology and labour-intensive investments
The oil and gas, power supply, manufacturing, telecom and real-estate sectors have topped the list of foreign investments during this year, said Aung Naing Oo, secretary of Myanmar Investment Commission. China stands first on the list of foreign investors, Singapore, second and Thailand, third. “Foreign investors are at the moment most interested in the manufacturing sector,” he said, “The MIC is concentrating its effort to promote the inflow of FDI which can create the most jobs for citizens. The MIC prioritises low-technology and labour-intensive investments. -
To discuss cross-border and regional cooperation, delegates from Manipur State of India, Sagaing Region, Mandalay Region, India-Myanmar Chamber of Commerce and the Sagaing Promoters Group held a meeting on 29 January 2018
Delegates from Manipur State of India, Sagaing Region, Mandalay Region, India-Myanmar Chamber of Commerce and the Sagaing Promoters Group met in Mandalay on the 29 January to discuss cross-border and regional cooperation. The Indian government and the Indian business community has been making efforts to strengthen their relationship with Myanmar and other ASEAN countries, including a welcome to ASEAN delegations on their 69th Republic Day in New Delhi – all part of steps to envirorate India’s Act East Policy. -
Technology and social media were core issues at the World Economic Forum 2018 and are relevant for Myanmar's young workforce, manufacturing plants and service economy
"Technology companies still need to do more in stepping up to their responsibilities for dealing with harmful and illegal online activity." TECHNOLOGY and social media are core issues at this year’s World Economic Forum among leading executives and politicians. UK Prime Minister Theresa May spearheaded the call for tech companies to tackle extremist content online and for governments to prepare for workforce transitions in a time of technologies such as automation and artificial intelligence. This is as relevant an issue for Myanmar as it is for the UK. Myanmar’s economy is characterised by a young workforce moving into factories and manufacturing plants as well as the service economy. Automation, digital platforms and other innovations are changing the fundamental nature of work just as the sizeable portion of the population is trying to hop on emerging employment opportunities. In a country where both education (i.e. skills provision) and industrialisation are still at a nascent stage, it is crucial for the decision-makers to see the economic imperative for understanding and adapting these shifts. -
Myanmar government plans to work with the private sector under a public-private partnership (PPP) to upgrade the Yangon-Nay Pyi Taw-Mandalay Highway (U Kyaw Lin, Deputy Minister of Construction)
The government is planning to work with the private sector under a public-private partnership (PPP) to upgrade the Yangon-Nay Pyi Taw-Mandalay Highway, which is used by 16 million travelers annually, said U Kyaw Lin, Deputy Minister of Construction. “We are discussing options such as applying for foreign loans as well as working together with the private sector under a PPP arrangement, where both foreign and state funds will be involved,” U Kyaw Lin said in parliament Thursday. Due to the lack of modern safety features, the highway, which has been in use since 2009, has been the site of numerous accidents and deaths over the years, leading to harsh public criticism by the public even during the former president U Thein Sein’s administration. But although there were intentions to upgrade the highway, actual implementation has lagged due to a shortage of funds under the national budget. Since 2015, foreign and local companies have been invited to tender for the PPP. A total of 126 companies tendered, of which 26 were selected for consideration on May 2015, said U Win Pe, Director General of Road Department.
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