Business

Long-awaited economic policy released

The National League for Democracy has unveiled its long-awaited 12-point national economic policy at the MICC-2 in Nay Pyi Taw. 

Only state-owned Sky Net and selected media groups were invited by the Ministry of Planning and Finance to attend the event. 

The policy said it aimed to foster long-term conservation and the fair allocation of natural resources among regions and states to promote national reconciliation.

Power project rejects Chinese loan

Minister for Electric and Energy Ministry Pe Zin Tun said the national grid would be extended to Ye Township, Mon State, using a loan from the Asian Development Bank (ADB) because Chinese loans carried big interest rates, more delays and were often tied to buying products from China. 

US approves $21m assistance to Myanmar

The United States will provide an additional US$21 million (Bt730 million) in assistance to Myanmar, to promote economic growth and capacity building for long-term development in the country.

The initiative will support the government's goal of tripling exports in five years; strengthen the ability of the government and the legal system to provide accountable and transparent oversight; and help modernise the agriculture sector which will be the driver of employment over the next 10 years, said Ben Rhodes, US deputy national security adviser.

Reform puts car traders in tailspin

According to market sources, car dealers are scrambling to cope with sudden changes in policy at the Road Transport Administration Department of the Ministry of Transport. 

A directive on July 26 said when returning old and outdated vehicles to the government in exchange for an import permit, they now have to be in the same category, meaning light trucks or pickups can no longer be exchanged for cars. 

Latest Oredoo marketing programme under fire

The Myanmar branch of the Qatar-based telecom giant’s Oredoo have been receiving heavy criticism for their latest marketing programme.

Oredoo Myanmar’s latest program, dubbed “Khu Phyay Khu Htaw” – which translates into “Answer now, get rich now”, have also earned a direct order from the Ministry of Transport and Communication to stop the aforementioned programme until further notice the program was illegal; neither there was state permission nor the authorities were informed in advance.

Export revenue down for mineral products, furnished materials

Export incomes from mineral products and furnished industrial materials are lower than the income in previous fiscal years when compared to the same period last year, and this year according to the commerce ministry.

From the April 1 through June 15 of this fiscal year, more than US$91 million was less than the amount of last fiscal year for mineral products, and at least $255.5 million was less than the amount of furnished industrial materials of the last fiscal year.

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