Fake news is distributed that “in Ayeyawady Region, the Myanma Agricultural Development Bank is sending a warning letter and asking local people to return loans, saying that they will take action if they don’t pay back the arrears of the agricultural loans that the NLD government lent.”
Regarding the news, according to an official from the Ministry of Planning and Finance, “Myanma Agricultural Development Bank has been lending annual agricultural loans at lowinterest rates to help farmers with their agricultural inputs. In such lending, a new loan system is applied only after the previous year’s arrears have been paid off, and efforts are being made in accordance with the procedures to recover the arrears. The district and township branches of the Myanma Agricultural Development Bank in Ayeyawady Region are only collecting arrears through an organized method, and no case has been lodged against any farmer who fails to settle the loan.
According to the terms of the loan instructions, new loans are given to farmers who have paid their arrears before planting time.
Therefore, the news circulating on social networks is only false information published by the malicious media to mislead the Myanma Agricultural Development Bank and the farmers about the lending of agricultural loans. — MNA/KZL
