Apr 9, 2013

Gov’t to buy 100,000 tonnes of rice for state reserve

Myanmar government will buy some 100,000 tonnes of rice for state reserve during the fiscal year 2013-2014, according to the Ministry of Commerce.

The ministry has requested President Thein Sein for necessary funds in addition to the currently approved budget of 10 billion kyats (US$11.5m) for the program.

National Rice Reserves Supervisory Committee would start buying rice this month, Dr Soe Tun, acting chairman of Myanmar Farmer Association, said.

“Currently, we have total 14 billion kyats is in hand. If we will buy 100,000 tonnes this year, it will require about 29 billion kyats. So, we need additional 15 billion kyats,” Myint Soe, Deputy Director from Ministry of Commerce said.

When the summer crop of paddy is harvested this year [starting from this month], the government will buy rice as it did on tender basis for the monsoon crops of last year, he added.

The program helps farmers to sell their rice at reasonable prices and secure food reserve in the country, he said.

Source: Eleven Weekly Media