The Myanmar Agricultural Development Bank (MADB) has loaned over Ks 60 billion to over 80,000 farmers from the Rakhine State during this monsoon agricultural season.
U Aye Thein, state manager of Sittwe MADB, said over Ks 80 billion will be loaned in this agricultural season and over Ks 60 billion has already been given out as loans.
Although the bank planned to give out loans from May to June in this monsoon agricultural season, it has extended the loans to the end of July.
He said more loans will be given to the farmers from the Rakhine State if they need them.
“Since there are flooding and other issues caused by the weather conditions, we have plans to submit to the headquarters and give out more loans if they need more loans,” U Aye Thein added.
The farmers said they welcome the plan to extend the loan period and give out more loans to the farmers.
“Extending the period is good for the farmers since we are facing difficulties. I have already paid back my loans so I have taken out loans this year,” said U Thein Tun Oo from Chaung Tu Village, Kyauktaw Township.
Although actions will be taken against farmers who have failed to pay back the loans from the previous years, no actions has been taken so far and the bank is still campaigning the farmers to pay back the loans, according to the MADB.
