Farmers to receive weather index insurance benefits

Deputy Prime Minister Union Minister for Planning and Finance U Win Shein, in his capacity as Chairman of the Union Price Stability Committee, presided over the 3/2024 committee meeting yesterday.
In regard to rice prices, the Union minister mentioned the monthly release of rice prices for the people to be able to buy at fair prices, systematic supervision of proper operations of rice mills and average sales of rice shops.
With regard to cooking oil, he said the allocation of palm oil is increased in regions and states, and cooperation is being conducted among the relevant organizations to ensure the sale of palm oil at the correct prices and at specific weights.
For medicine and medical supplies, he also mentioned the collective efforts of relevant ministries, region/state governments and private organizations not to face shortages and price increases.
He also stated the efforts of the government prioritizing the fuel sector, which is essential for manufacturing and transport industries, and the cooperation between the Central Bank of Myanmar and relevant departments to earn foreign income to purchase fuel.
He continued that about K12.265 billion will be compensated in Yangon, Mandalay, Ayeyawady, and Bago regions and Mon State for flood-affected paddy fields under the weather index-based crop insurance in the 2024-2025 financial year. A public awareness campaign should be made for the farmers, and all officials, including the Myanmar Rice Federation, should work together to provide paddy species, fertilizers and agrochemicals to prevent the decrease in paddy yield due to heavy rain.
The committee vice-chair and attendees then discussed price stability measures, completed work plans based on the decision of the committee and reviewed price changes.
The Deputy Prime Minister made proper instructions and concluded the meeting. — MNA/KTZH