UMFCCI, Myanmar pulses association request Ks50 billion loan

 October 31, 2017

The Myanmar Pulses, Beans and Sesame Seed Merchants Association has requested a Ks50 billion zero-interest loan from the government to help control the price of pulses, according to yesterday’s report of Myawady Daily.

India’s restriction on the import of pulses caused chaos in the pulses market in August, prompting a group comprised of 48 members of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the Myanmar Pulses, Beans and Sesame Seeds Merchants Association to launch an investment fund of Ks50 billion in an effort to make the price of pulses stable. But this amount could purchase only 100,000 tons, so the request to provide a zero-interest loan has been submitted to the government to make more purchases, said U Min Ko Oo, the secretary of the Myanmar Pulses, Beans and Sesame Seed Merchants Association.

The loan will be spent on purchases from pulses growers. The pulses will then be stockpiled and they will accept liability for any loss. If the deal makes profit, the government will enjoy part of it, U Min Ko Oo said. About 38,000 tons of mung bean and 10,000 tons of pigeon peas have been purchased with investment funds from the association.

Growers and merchants from towns other than Yangon come to the commodity depot and directly sell mung beans and pigeon peas.

The purchase of the pulses raises foreign demand, and the demand increases the price of mung beans and pigeon peas, said U Min Ko Oo.

Recently in the purchase depot, the pulses price increased a bit from Ks425,000 to Ks490,000 per ton of mung bean and from Ks310,000 tons to Ks335,000 per ton of pigeon peas.

Ref; The Global New Light of Myanmar