World Bank unveils US$1.6bn loan

The World Bank’s International Development Association has declared that it will contribute US$1.6 billion as a long-term, interest-free loan to Myanmar as part of its Country Partnership Framework.

New wine import regulations announced

The Ministry of Commerce hasannounced new regulations requiring imported wines to contain between 7 and 20 percent alcohol and to only be imported by land or sea.

Govt raises rent on Yangon Zoological Garden

The Department of Forestry has raised rental fees to be paid by the Htoo Groups of Companies for the Yangon Zoological Garden from Ks 70 million to Ks 77 million per year in response to criticism over the low initial rate.

Muse trade booms

Exports from April 2014 to March 31 this year through the Muse border exceeded US$3.6 billion, up more than US$1 billion from the previous year, according to Consumer Affairs Department under the Commerce Ministry.

Last year’s exports were US$2.2 billion, mainly from agricultural produce.

A total of 99 warehouses, 59 for exports and 40 for imports, have been built at Muse 105th-mile trade camp.  

Insurance firms told to brace for foreign competition

Private insurance companies need to be ready for international competition as the domestic market prepares to open up to foreign firms, according to the Myanmar Insurance Business Supervisory Board.

The government has allowed 15 foreign insurance companies, including firms from Japan, the US and Europe, to open branch offices.

Singapore firm cancels investment

China to crackdown illegal border trade

Myanmar vulnerable to illegal stock brokers

Economists have raised concerns over several brokerage firms in Myanmar that operate illegally.

ADB: Myanmar's financial shortfall remains large

To achieve 8 per cent GDP growth per year, Myanmar's infrastructure sector needs US$5 billion to $7 billion per year, said Winfried Wicklein, the Asian Development Bank's country director for Myanmar.

She spoke at a forum on ADB's 5-year strategy (2017-2021) for Myanmar held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon.

He added that the ADB has lent about $500 million to Myanmar every year since 2013.

Myanmar to explore a large oil and gas field in Andaman Sea

A joint-venture group including Myanmar and Canadian companies has been granted permission from the Myanmar government to explore a newly discovered oil and natural gas field in the Adman Sea. The trial test will begin in September.

The oil field is located in Kyunsu Township, Myeik District, in southern Myanmar, and it covers an area of 13,480 square kilometres. It will be the largest natural gas field in Myanmar, and the exploration will be carried out by Canadian Foresight Group Pte Co Ltd, Century Bright Gold Co Ltd and TRG Co Ltd.