Nay Pyi Taw farm­ers get co­op­er­a­tive loans

The Myanmar Times - - News - HTOO THANT thanhtoo@mm­times.com – Trans­la­tion by Zar Zar Soe

SOME farm­ers say the du­ra­tion of the six-month loans now be­ing handed out by the agri­cul­ture min­istry is too short. The Min­istry of Agri­cul­ture, Live­stock and Ir­ri­ga­tion yes­ter­day gave co­op­er­a­tive loans worth K500 bil­lion (US$420 mil­lion) to the Nay Pyi Taw Coun­cil area in a cer­e­mony to mark In­ter­na­tional Day of Co­op­er­a­tives 2016.

Nay Pyi Taw, which com­prises eight town­ships, has 283 co­op­er­a­tive as­so­ci­a­tions with 3049 mem­bers, ac­cord­ing to the min­istry’s fig­ures. “We need to give these loans to our mem­bers at once but it may take two or three days to reach some re­mote ar­eas,” U Tun Wai of the Pyi Kyaw co­op­er­a­tive as­so­ci­a­tion in Nay Pyi Taw’s Py­in­mana town­ship told The Myan­mar Times.

The fund­ing comes from China’s EXIM Bank at a 1.5 per­cent monthly in­ter­est rate, said U Myo Aung, direc­tor of the Co­op­er­a­tive De­part­ment. “These are six-month loans to be re­paid in full at term,” he said.

“They said the loans would be avail­able from July 6. We are go­ing to grow paddy, so we need the money,” said farmer U Aung Gyi from Py­in­mana town­ship. But he added that the term of the loan was too short. “When the term of the loan ex­pires, we have to re­pay the whole amount, so we will need to sell ev­ery­thing we have for debt re­pay­ment, un­less it’s har­vest time. Some farm­ers don’t want these loans any more.”

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