Myanmar Agricultural Development Bank will provide Ks 1,747 billion in agricultural loans for farmers in the current 2019 – 2020 fiscal year

Myanmar Agricultural Development Bank will provide an agricultural loan of Ks1,747 billion for farmers in the current 2019-2020 fiscal year, an increase of Ks63 billion more compared to last year, according to the Ministry of Planning, Finance and Industry. 

“MADB loaned Ks,1684 billion in 2018-2019 FY. This year, it will loan Ks1,747 billion. Ks150,000 for one acre of paddy and Ks100,000 for one acre of other crops were loaned in 2016-2017 FY,” said Union Minister for Planning, Finance and Industry Soe Win. 

He revealed the information in an interview conducted by State-ran newspapers regarding the fourth year’s work performance of his ministry. 

The current government has increased the amount of agricultural loans to farmers three times since 2016-2017 FY. 

Myanmar grows about 17.9 million acres of paddy yearly and produces about 25.6 million tons of paddy, according to the Farmland Management and Statistics Department. 

Myanmar produced 25.3 million tons of rice in 2013-2014 FY, 26.4 million tons in 2014-2015 FY, 36.2 million tons in 2015-2016 FY, 25.6 million tons in 2016-2017 FY and 25.6 million tons in 2017-2018 FY. 

In 2018-2019 FY, it was targeted to grow over 15.29 million acres of monsoon paddy and over 2.61 million acres of summer paddy.   

(Eleven Media Group: https://elevenmyanmar.com/news/govt-to-provide-ks1747-bn-in-agricultural-loans )

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