Approximately, 45,000 million Kyat is allocated for farming in Mon State this monsoon season, according to Myanmar Agricultural Development Bank (Mon State Branch).
Approximately, 45,000 million Kyat is allocated for farming in Mon State this monsoon season, according to Myanmar Agricultural Development Bank (Mon State Branch).
Loans for wet-rice cultivation are available from May 6 until the end of August, 2019. Farmers must provide Form 7 of the farmland work permit to the bank in order to receive any loans. The Form will be returned to farmers after they have paid back the loans.
“Because we, the Myanmar Agricultural Development Bank, provide the loan, it’s convenient for them [farmers]. They do not have to go find loans from others,” said U Kyaw Swar Hlaing, the manager of Myanmar Agricultural Development Bank (Mon State Branch).
The Myanmar Agricultural Development Bank provides loans of up to 150,000 Kyat per acre of wet-rice farmland, and up to 100,000 Kyat per acre of farmland for other crop types. Each farmer can take out a loan for up to 10 acres of agricultural land. The loan rate is 67 Pya per 100 Kyat. Farmers can pay back the loan after they have harvested the crops.
However, according to some farmers, loans of 150,000 Kyat per acre is not adequate.
“The farmland in Mawlamyine Township and the farmland in Paung Township are different. As the Mawlamyine area is hilly, this requires more expense. It can be satisfactory level if at least 2 lakh or 3 lakh Kyat is allocated for one acre,” said U Yar Jar, who owns 16 acres of farmland.
Mon State has about 70,000 acres of rain paddy farmland, but this year, the amount budgeted for agricultural loans will only cover 40,000 acres. Last year, about 42,000 million Kyat was provided for wet-rice cultivation, according to the Myanmar Agricultural Development Bank (Mon State Branch).
