Government increases spending for MSME sector development

The government is increasing its spending by raising the budget for the development of the MSME (Micro, Small and Medium Enterprises) sector, said Dr. Kan Zaw, Union Minister of Finance and Revenue. He made these remarks in his concluding speech on the second day of the national-level workshop titled "From Agricultural Sector Development to National Product Increase," held on September 22 at the Myanmar International Convention Centre (MICC-1) in Nay Pyi Taw. As capital investment is an essential fund for the development of the agriculture and livestock sectors, loans for cultivation costs are being doubled and disbursed starting this year. Furthermore, efforts are being made in cooperation with private banks and microfinance institutions to enable farmers to increase their investments, it was stated. Union Minister Dr. Kan Zaw urged private banks to create private loans that primarily and directly support the agricultural sector. Agricultural insurance, which can prevent farmers from suffering losses and damages due to climate change, has been piloted this year, and compensation for insurance will be paid by the end of October in seven townships in the Ayeyarwady Region, it was said. To implement the results obtained from this workshop in practice, the government will formulate a national-level strategy and develop a roadmap with strategies and action plans for implementation, Union Minister Dr. Kan Zaw also stated.