THE Ministry of Agriculture, Livestock and Irrigation said it plans to raise the amount of agricultural loans for crop growers as of this fiscal year.
The amount of agricultural loans will be increased to Ks50,000 from Ks20,000 per acre of farmland through the Myanma Agricultural Development Bank as many crop growers were omitted at the time when the government increased its financial support for farmers, especially rice growers.
The authorities have no plans to raise the amount of farming loans per acre for rice farmers, but crop growers will be helped this financial year, according to an official from the Myanmar Rice Federation, which welcomes the new plan to enhance agricultural production.
The Myanma Agricultural Development Bank is currently under the purview of the Ministry of Planning and Finance. Before April of this year, the bank was under the Ministry of Agriculture, Livestock and Irrigation.