According to the Myanmar Rice Federation, applications for short-term loans for summer paddy have increased to 50,000 acres in recent days.
A K400,000 agricultural loan per acre is reported to be issued, generating interest among farmers. Plans are underway to extend loans to farmers in Yangon, Bago, Mandalay, Ayeyawady, and Nay Pyi Taw in January 2024.
The Myanmar Rice Federation, in collaboration with licensed private banks, is in negotiations to provide short-term agricultural loans to enhance rice production for farmers with more than ten acres of paddy fields.
To qualify for the loan, farmers need to possess the original copy of Form 7 as insurance, have a loan period of four or five months for one paddy season, and incur an annual interest rate of 10 per cent. Loans will be available for up to 100 paddy acres.
Application forms are being accepted starting from 20 December, and arrangements are being made to send them to the relevant banks for verification through the Myanmar Rice Federation. — TWA/TRKM
