FDB increases credit limit to Thaton farmers
FDB increases credit limit to Thaton farmers
The Global New Light of Myanmar, 30 May 2016
URL: https://issuu.com/myanmarnewspaper/docs/30_may_16_gnlm
Farmers in Mon State’s Thaton district are to be issued with K2,500 million in credit by the district Farmers Development Bank (FDB) to cover expenses involved in planting monsoon paddy, the bank has made it known.
The issuing of monsoon paddy credit within Thaton district began on 19 May, with the majority of farmers requesting loans for up to ten acres worth of paddy. Credit will continue to be issued until the end of June, it is known.
In terms of the repayment of credit, farmers will be able to start making repayments from the harvesting of paddy in January 2017 until the deadline set by the bank of the end of March.
“We’ll be okay this year as they’ve issued us with a loan of K150,000 per acre. Now we just need no irregular weather fronts. The increase in interest rate from five to eight percent though isn’t great. But, it’s still much cheaper than rates offered by private lenders,” said U Saw Thein, a farmer from Thaton township.
The four townships that make up Thaton district comprise approximately 21,000 farmers,who tend to roughly 171,000 acres of farmland, for whom a total of K2,569 million of credit will be handed out. In terms of farmers within Mon State as a whole, over K4,000 million of credit will be issued, it has been learned.
The issuing of monsoon paddy credit within Thaton district began on 19 May, with the majority of farmers requesting loans for up to ten acres worth of paddy. Credit will continue to be issued until the end of June, it is known.
In terms of the repayment of credit, farmers will be able to start making repayments from the harvesting of paddy in January 2017 until the deadline set by the bank of the end of March.
“We’ll be okay this year as they’ve issued us with a loan of K150,000 per acre. Now we just need no irregular weather fronts. The increase in interest rate from five to eight percent though isn’t great. But, it’s still much cheaper than rates offered by private lenders,” said U Saw Thein, a farmer from Thaton township.
The four townships that make up Thaton district comprise approximately 21,000 farmers,who tend to roughly 171,000 acres of farmland, for whom a total of K2,569 million of credit will be handed out. In terms of farmers within Mon State as a whole, over K4,000 million of credit will be issued, it has been learned.