Disbursement of funds: 330 billion kyat funds provided for development projects

Disbursement of funds from Nation Economic Development Fund was held with a ceremony in Nay Pyi Taw on Friday.

The Ministry of Commerce made arrangements to set up a separate fund for economic promotion of the nation with 400 billion kyats from National Disaster Management Fund.

Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing stressed to make efforts for socio-economic development of local people from respective regions and states in line with the objectives of the work implementation.

He added that the process will be carried out in two parts for development of agro-economy and economic development of regions, states and self-administered zones. He said efforts have to be made for economic progress in order to achieve the development of the nation.

Only when the better economic is achieved, there will be stability of the nation. Since Myanmar is an agro-based country, fund will be provided for summer paddy and green gram which is the major export crop.

The Prime Minister also pointed out to strive for development of tourism sector since it has many related businesses that can benefit for economic progress of the country.

He also stressed for upgrading the mechanical equipment for development of garment and weaving industry, and import substitutions of raw materials for cotton weaving.

He urged all to submit a separate report for requirements, and some businesses could be implemented under the Emerald Green Project.

He stressed that the funds were provided as a capital for investing in regional development works and will keep on implementing for achieving progress.

The Prime Minister later presented cash assistance to the Union Ministers, Chief Ministers and Chairmen of Self-Administered Zones and Division.

A total of 330 billion kyats funds were provided during the ceremony with 170 billion kyats to the Ministry of Agriculture, Livestock and Irrigation, 60 billion kyats to the Ministry of Cooperatives and Rural Development, 10 billion kyats each to Kayah, Chin and Rakhine States to implement the Emerald Green Projects, 8 billion kyats each to Kachin, Kayin, Mon and Shan States and Taninthayi Region, and 5 billion kyats each to Naga, Danu, Pa-O, Palaung and Kokang Self-Administered Zones and Wa Self-Administered Division.