Commodity prices surging beyond fair value, says SAC Chairman

Commodity prices surging beyond fair value, says SAC Chairman
Published 2 September 2024

Senior General Min Aung Hlaing, Chairman of the State Administration Council (SAC), expressed concern over the rising prices of commodities, which he noted are increasing beyond what is warranted. 

The SAC chairman yesterday made these remarks during a meeting with region and state chief ministers, members of the Yangon Region cabinet, and regional-level departmental officials at the Yangon Region Government Committee's office.

In his address, the Senior General emphasized the importance of learning from the strengths and weaknesses of the State's economy over different periods in order to work towards economic improvement. 

He stressed that all citizens share the responsibility for the development of the State economy, highlighting the interdependence between the economy and politics.

He pointed out that a robust State economy is essential for political stability and peace, which in turn contributes to the physical and mental well-being of the people. 

The Senior General urged efforts to boost the State economy, ensuring that individuals have access to basic necessities such as food, clothing, and shelter.

Highlighting the current surge in commodity prices, he underscored the need to increase the production of export goods to earn foreign currency. 

Regarding the development of the State's economy, the SAC chairman called on civil servants to fulfill their duties in their respective sectors. He noted that the government is providing increased stipends to civil servants, and emphasized the importance of proper tax payment by officials.

The meeting was also attended by SAC Joint Secretary General Ye Win Oo, Council members General Maung Maung Aye and General Nyo Saw, Union Minister for Construction U Myo Thant, chief ministers from regions and states, senior Tatmadaw officers from the Office of the Commander-in-Chief, and other officials.