After careful scrutiny, the Myanma Agriculture Development Bank disbursed agricultural loans to townships that are less than the targeted amount — only Ks1700 billion out of K1776 billion — originally allotted for this fiscal year, said Dr Aung Thu,
Union Minister for Agriculture, Livestock Breeding and Irrigation at Amyotha Hluttaw yesterday.
The lesser amount of loans was attributed to loans that were in arrears, officials said.
“There were Ks990 lakhs of 2014 monsoon loan arrears and K49 lakhs of 2015 monsoon loan arrears for the bank branch in Taungup township. With a view to achieving a better state without levying added interest on their loans and repaying debts in the designated periods, dutiful farmers who paid loans for 2015 monsoon season were granted according to the acreage described in form 7”, Dr. Aung Thu said.
There were 10,546 farmers who were granted monsoon season loans, 691 of them in the Thandwe district. Bank branches in Thandwe and Gwa townships within Constituency 12 have disbursed monsoon season loans according to the acreage, if the applicants are in compliance with the prescribed rules and regulations.
The Union Minister said there were some delays in granting loans.
“Myanma Agriculture Development Bank is a state-owned bank with the capital investment of over Ks9billion. As the needed amount to disburse farmers amounted to K1700 billion, it borrowed by the payment of interest from the Myanma Economic Bank. Depending upon the amount received from MEB, MADB’s disbursement has been found to delay, so the new set-up of the bank is underway for a smooth process.”
Afterward, Dr Aung Thu replied to questions raised by U J Yao Wu of constituency 1, Kachin State, Dr Zaw Lin Htut, of constituency 9, Mon State, U Min Oo of constituency 6, Bago Region, Dr Kyaw Than Tun of constituency 3, Mandalay Region and Dr Khin Maung Win of constituency 11, Teninthari Region.
It is learnt that 6th Day Meeting of 2nd Amyotha Hluttaw 3rdRegular Session is to be held on 23 November.