Prospects Brighten: State economy set to thrive, currency value to surge in post-sanctions and trade challenges

 

If people can overcome difficulties in commodity flow due to economic sanctions and committing lack of peace and stability, State economy will improve with a better trade process, increasing the value of national currency, said Senior General Min Aung Hlaing.

The Union government meeting 4/2024 took place at the SAC Chairman Office in Nay Pyi Taw yesterday morning, with an address by Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing.

In his speech, the Senior General revealed that the government is striving to foster peace and stability with the rule of law, managing fair prices of foodstuffs and personal goods and ensuring the country’s strong currency value.

He continued that Myanmar is facing economic sanctions and blocking trade routes to delay commodity flows due to a lack of peace and stability committed by some unscrupulous persons. The Prime Minister recounted that the country experienced a shortage of rice and paddy, similar to regional countries in the 1967-68 financial year due to climate change, yielding just 28.3 baskets of paddy per acre.

As such, he added that the governments in successive eras have been striving to boost the per-acre yield of paddy.

He pointed out that if farmers can systematically develop cropping patterns, agricultural productivity will improve in the nation to ensure food security at home and support food supplies to the international community.

In the cooking oil sector, the Senior General also instructed officials that a high per-acre yield of oil crops will help fulfil cooking oil requirements at home, reducing spending on foreign currency.

With regard to the cotton cultivation sector, the Prime Minister pointed out that manufacturing quality threads from cotton wool at home can minimize the import volume of threads and textiles.

Moreover, he stressed that individuals need to establish forests in relevant village-tracts to reduce natural disaster risks to some extent while preventing deforestation through the national spirit.

In the education sector, the Senior General said that basic education schools in some regions are facing delays in learning for various reasons and need to make preparations for the reopening of schools and resumption of learning.

Moreover, he disclosed a plan to confer deserved degrees for the training courses conducted by relevant ministries and uplift the nation’s sports standards, enhancing the qualification of coaches.

Union ministers discussed efforts for manufacturing cotton oil mills and cotton ginners at home, and production of cooking oil and quality threats from cotton crops, financial measures and sending labourers abroad.

The meeting was also attended by the Nay Pyi Taw Council Chairman and region and state chief ministers through videoconferencing.

MNA/TTA

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