The Ministry of Planning and Finance set up a separate fund of K400 billion from the National Natural Disaster Management Fund in order to spend it on measures of developing State economy, with the aim of striving for rising socio-economic life of the people from regions and states as well as promoting their economy, said Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the ceremony to hand over the fund from the State economic promotion fund at Bayintnaung Villa in Nay Pyi Taw yesterday morning.
Plan to raise State economy
In his speech, the Senior General said that setting up the separate fund was considered for the enhancement of the agricultural economy and economy of regions and states as well as self-administered zones.
Difficulties in delivering investment funds in previous years
The SAC in its early assumption period was attacked politically and economically. Hence, banking services and their circulation collapsed. Internal and external disturbances intended to collapse of State economy. On one hand, the outbreak of Covid-19 was also one of the hindrances to the government in its work. Hence, the government faced the delivery of capital for businesses.
Economy and politics
It can be seen that the country has an increasing GDP year after year, based on changes in the currency and increasing volume of products. Region and state chief ministers need to inspect the actual progress of regions and states. It is necessary to balance the supply and demand of production. If not, people will face high prices of commodities.
Increasing production plays a crucial role in the economic sector
The fund was set up for the cultivation of summer rice and green gram which are the main export items of the nation, creating job opportunities for people. Likewise, farmers can spend their money on other businesses. Consequently, job opportunities will contribute to raising the domestic demand and supply as a proper operation of businesses. Foreign exchange earned from exportation will be spent on the import of agricultural inputs and other necessary goods. It is necessary to ensure proper operating of rice mill, oil mill, bean grinding machine and SME industries.
Enhancement of domestic tourism services
If efforts are made for the implementation of systematic tourism services, all-round development can be seen soon. Transport facilities and security measures must be improved in respective areas to operate tourism services. Secure and smooth transport facilities will improve the regional economy.
Textile industry at home
Efforts must be made for upgrading machinery and raw materials for the improvement of textile industries and weaving industries to produce import-substitute products. It is necessary to strive for increasing the handed-over fund through various plans such as the emerald green project so as to develop the regions.
The Senior General presented cash assistance from the fund to Union ministers, regions and states, and self-administered zones respectively.
The 400 billion State economic promotion fund was provided — K170 billion to the Ministry of Agriculture, Livestock and Irrigation, K60 billion to the Cooperatives and Rural Development, K10 billion each to Kayah, Chin and Rakhine states for implementing the emerald green project, K8 billion each to Kachin, Kayin, Mon and Shan states and Taninthayi Region and K5 billion each to Naga, Danu, Pa-O, Palaung and Kokang self-administered zones and Wa self-administered division respectively, totalling K330 billion. — MNA