If State economy is down, it will reflect political instability as the economy is the lifeblood of a country, said Senior General Min Aung Hlaing, chairman of the State Administration Council (SAC).
He made comment during a meeting with members of the Union of Myanmar Federation of Chambers of Commerce and Industry and owners of micro, small and medium enterprises (MSMEs) in Yangon on October 3.
“Myanmar is based on agriculture and livestock. Both developed and developing countries need to rely on SME industries. Hence, efforts are being made for development of MSME so as to revive State economy. In 2021 the country faced political crises and difficulties triggered by Covid-19. There were various disturbances with intent to cause an economic decline. A larger gap between supply and demand will increase currency value, thereby contributing commodity price hikes. A government needs to consider economic development of the country. If State economy is down, it will reflect political instability. A country needs political, economic and defence driving forces. Only when economy improves will the State be stable,” said the Senior General.
Regarding disbursement of loans necessary for investment, he said, there were political and Covid-19-related difficulties last year, and at that time there were acts of sabotage aimed at causing deterioration in the country’s economy too. Such acts were committed to stop operation of factories and workplaces and threaten people not to go to their workplaces. Despite the attacks in various ways to make the banking system collapse, priority measures were taken to prevent this. There were also attempts to disrupt the country’s financial flows.
Due to monetary manipulators, the currency has been weaker causing a surge in prices of imported goods. Therefore, the Foreign Exchange Supervisory Committee was formed to take measures to scrutinize the foreign exchange expenditures. Since 2021, supervisory measures have been taken in importing edible oil from. As there is considerable consumption of edible oil and less domestic edible oil production in the country, the domestic demand for edible oil is high, the SAC chair commented.
