Ks 15 billion earmarked for bean purchase



The government has kept Ks 15 billion in reserve to purchase beans when bean prices decline below the production costs, said Aung Htoo, Deputy Minister for Commerce.

“Yesterday, the farmers’ rights protection meeting was held. Under the Farmers’ Rights Protection and Interest Promotion law, the government shall buy beans when production costs are higher than bean prices. Magway Chambers of Commerce and Industry has urged the government to buy beans from farmers. Currently, the government does not need to buy beans after a direct discussion with the Magway region Chief Minister. It is found that bean price is not lower than the production costs,” he added.

On March 18 and 19, the Myanmar delegation will leave for India to discuss bean imports. India has banned bean imports until March 31. Plans are under way to grow other crops as mung bean and pigeon pea have no good prospects, he continued.

Sein Lwin, an executive of Magway Chambers of Commerce and Industry urged the government to directly buy beans from farmers to cover losses caused by unstable pigeon pea prices, at the 14th regular meeting between the Vice-President-1 and local entrepreneurs.

He also suggested that pigeon pea has low quality due to untimely rains and there are low demands from foreign countries. The government should provide farmers with advanced farming technologies as one-acre production of pigeon pea fails to meet the last year’s target.