August 13, 2017

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Productive loans offered to cooperative members in rural areas to ensure higher socioeconomic status

President U Thein Sein views power-tillers to be sold to farmers through installment.—mna
President U Thein Sein views power-tillers to be sold to farmers through installment.—mna

Nay Pyi Taw, 27 Jan- Productive loans are aimed at reducing poverty and stabilizing incomes for people in rural areas and enabling them to afford education, health and living expenses, President U Thein Sein told a meeting with cooperative members in Kyaukse township, Mandalay Region, on Tuesday, officials said.
The financial assistance will help cooperative members have easy access to the purchase of agricultural machinery in installments.
The president admitted that the country is still short of capital, investment, technology and human resources despite enjoying a wealth of natural resources, a moderate climate, and huge markets.
This prompts Myanmar to invite foreign investments to address the shortages, with the president stressing the need to view foreign loans as an investment in boosting local productivity.
He called for cooperative members to make best use of their loans and improve their socioeconomic status in the same way as the government’s systematic management of overseas debts for economic development.
Myanmar has set three goals to be achieved in 2020, which he said are the restoration of lasting peace, graduation from the Least Developed Counties status and reaching a status of a middle-income country, according to the president.
He called for cooperation with the government in bringing about peace, describing stability and rule of law as essential to boosting the country’s economic growth.
U Kyaw Hsan, Union Minister for Cooperatives, explained cooperative members what his ministry is doing for rural development, poverty alleviation and socioeconomic development by laying down and implementing reform policies on a broader scale.
Projects for rural development and poverty reduction are aimed to bring down poverty rate to 16% from 26% in 2015 in line with the United Nations Millennium Goals, the union minister stated. -MNA

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