THE 3/2023 meeting of the National Economic Promotion Fund Management Committee was held at the meeting hall of the Ministry of Planning and Finance in Nay Pyi Taw yesterday morning.
Committee Chairman, Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein said that the Ministry of Agriculture, Livestock and Irrigation has been given a grant of K230 billion from the national economic promotion fund (K400 billion), and K10 billion each to Kayah, Chin and Rakhine States, K8 billion each to Kachin, Kayin, Mon, Shan States and Taninthayi Region and five billion kyats each to six self-administered zones totalling K330 billion.
Of the remaining K70 billion of the national economic promotion funds, K50 billion were approved for the establishment of the oil industry development loan fund and K20 billion were approved for the development of animal husbandry, he stated.
A total of K52 billion from the balance of the National Natural Disaster Management Fund was transferred to the National Economic Promotion Fund and K10 billion each was given to Sagaing Region and Magway Region.
K8 billion each has been given to Bago Region, Mandalay Region, Yangon Region and Ayeyawady Region. Therefore, the total disbursement from the National Economic Promotion Fund is K452 billion.
He focused on obtaining loan guarantees according to location, ensuring regular repayment of principal/interest during the term of the loan, and regular repayment of principal/interest after one year from the date the loan was started even though the loan has not yet reached maturity.
He continued to discuss issues related to state and regional loans and loan verification. A virtual meeting will be held in the Chin State and Kayah State and loan issues will be checked, he commented.
At the meeting, he expressed that he would like to have a round discussion and make recommendations on the issue of being able to provide a special loan presented by Mon State and the issue of extending the term of the loan presented by Chin State.
Along with issuing funds for the agriculture sector, he focused on supervising and increasing the funds without losing them.
Next, members of the National Economic Promotion Fund Management Committee: Union Ministers U Min Naung, Dr Charlie Than, Deputy Minister U Maung Maung Win, U Nyunt Aung and officials discussed findings and requirements according to the relevant sectors, and the chairman of the committee coordinated the presentations.
MNA/KZL
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