Taninthayi UCS allocates K1.08 billion for loans in 2016-17
Taninthayi UCS allocates K1.08 billion for loans in 2016-17
The Global New Light of Myanmar, 16 May 2016
URL: https://issuu.com/myanmarnewspaper/docs/16_may_16_gnlm
THE Union of Co-operative Syndicates (USC) for Myanmar’s southern Taninthayi Region will allocate K1.08 billion (US$924,658) for loans during the 2016-17 fiscal year, according to a regional syndicate. The value of the loan fund has been confirmed by the regional government.
“Credit will be lent to members the UCS. We’ll issue loans according to set levels of individual syndicates,” said U Kyaw Moe Tint, UCS officer for Taninthayi Region.
Those who want must first form a basic UCS at the village level with a system of collective responsibility that does not require collateral to be given in exchange for credit. A maximum of K100,000 can be borrowed per individual under this system.
“Ten per cent of money lent to members is collected as a kind of money saved for them by the syndicate. The objective of such an approach is to save more when borrowing increases. A membership fee of K5,000 is required to become a UCS member. This sum will then be repaid at the end of year to members after calculating profit,” said U Kyaw Moe Tint.
A total of K3.8 billion ($3,253,425) was lent between 2011-15 by the Taninthayi Region UCS, while loans are issued once every six months and repaid six months later. In terms of the allocation of credit within Taninthayi Region this fiscal year, the amount for 28 associations of UCS in Dawei District, which comprises 1,757 association members, is K291.6 million; K634 million for 78 associations of UCS in Myeik District, comprises 4,061 members; and K157.42 million for 15 associations of UCS in Kawthoung District, comprises 1,194 members.
“Credit will be lent to members the UCS. We’ll issue loans according to set levels of individual syndicates,” said U Kyaw Moe Tint, UCS officer for Taninthayi Region.
Those who want must first form a basic UCS at the village level with a system of collective responsibility that does not require collateral to be given in exchange for credit. A maximum of K100,000 can be borrowed per individual under this system.
“Ten per cent of money lent to members is collected as a kind of money saved for them by the syndicate. The objective of such an approach is to save more when borrowing increases. A membership fee of K5,000 is required to become a UCS member. This sum will then be repaid at the end of year to members after calculating profit,” said U Kyaw Moe Tint.
A total of K3.8 billion ($3,253,425) was lent between 2011-15 by the Taninthayi Region UCS, while loans are issued once every six months and repaid six months later. In terms of the allocation of credit within Taninthayi Region this fiscal year, the amount for 28 associations of UCS in Dawei District, which comprises 1,757 association members, is K291.6 million; K634 million for 78 associations of UCS in Myeik District, comprises 4,061 members; and K157.42 million for 15 associations of UCS in Kawthoung District, comprises 1,194 members.