Oil Mills Development Loan Management Task Force organized to expand modern oil mills

The Oil Mills Development Loan Management Task Force has been formed to expand to build Modern oil mills, according to officials.
The management task force was formed in line with Notification No 118/2022 issued by the State Administration Council.
It was formed by 12 members of the Ministry of Planning and Finance led by the deputy minister as chairman.
Oilseeds including sunflowers need to produce more to reduce the import of edible oil from abroad and ensure self-sufficiency in domestic edible oil.
To produce good quality edible oil, installation of advanced equipment and oil machines, construction of new modern oil mills and upgrading of existing oil mills are major requirements.
The task force was formed to meet the investment needs.
The task force will help people to apply for a loan to upgrade oil mills in Myanmar with advanced equipment as it is necessary to expand and install new modern oil mills.
Verification and authorization will also be provided by the task force.
In addition, loan management, loan criteria, interest rates and terms, and loan criteria must be specified according to the coordination agreement of the relevant ministries.
Similarly, monitoring and reviewing plus pre-designation for credit risk management parameters will be conducted whether the loan is effectively used or not
Likewise, a report of the operations of the Oil Mills Development Loan Management Task Force must also be prepared and submitted.
In addition, development loan management sub-groups are formed in each Region/ State for field inspections. — TWA/GNLM