Pilot project for weather index-based crop insurance targets three regions

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Farmars planting paddy in Dala Township, Yangon Region were seen on 13 July this year. Photo: Xinhua

Weather index-based crop insurance, based on rainfall and widely practised in agricultural-producing countries, is going to be introduced as pilot projects in Yangon, Bago and Ayeyawady regions, according to the Myanma Insurance.
The Deputy Minister for Agriculture, Livestock and Irrigation said on 22 September that projects were being developed to help protect farmers from risk triggered by climate change with the weather index insurance.
A public-private partnership task force led by Myanma Insurance under the Ministry of Planning and Finance will launch the pilot project by covering loan to farmers by government with insurance. The weather index insurance, when it operates full swing, will be based on the amount of money invested for cultivation by farmers or the loan to farmers by government.
The government will also take steps not to lose the loans to farmers by Myanma Agricultural Development Bank and the State economic promotion fund.
Buying insurance policy may become mandatory for farmers and the authorities expect them to buy policies for one to two per cent of the loan provided by the government.
The Task Force includes Myanma Insurance, experts, UMFCCI, Myanmar Rice Federation, and Myanmar Pulses, Beans, Maize and Sesame Seeds Merchants Association. — TWA/TH

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