Rainy season loans available to farmers clearing previous debts

The Myanmar Agricultural Development Bank announced on 23 May that it will provide agricultural loans for the rainy season of 2024 to those who have paid off their agricultural loans.
The Myanmar Agricultural Development Bank of the Ministry of Planning and Finance provides loans for agricultural expenses according to the growing season, and farmers will be allowed to get new loans only after clearing their previous debts.
Farmers will be allowed to lend other short-term and long-term loans issued by the Myanmar Agricultural Development Bank in accordance with the specific terms and conditions only after they clear the loan.
Farmers who have paid off the previous loan principal and interest for the 2024 rainy season loans will be sent through the relevant district and township bank branches at an interest rate of five per cent per year as of 20 May, before the rainy season planting time.
Therefore, farmers who have already paid off their previous loans have been informed to contact the Myanmar Agricultural Development Bank and relevant district and township bank branches in order to get the 2024 rainy season loans on time. The rainy season loan for 2023 has been lent since 18 May 2023. As of 31 August, more than 434.77 billion kyats have been lent to more than 518,000 farmers for more than 3.06 million acres of land. — TWA/KZL