Farmers plants rice seedlings in Mandalay. Photo: Aung Thant Khaing
ACCORDING to U Win Myint, the Myanmar Agricultural Development Bank (Branch) had disbursed K93,880.11 m for 129,1938 acres of farmland in Mandalay Region. The target is K96,652 million.
It is said that farmers holding Land Form(7) were disbursed loans at an interest rate of K8 in September as the last batch outnumbered the targeted amount.
Monsoon Agricultural Loans are disbursed no later than September and allotment permission is to be submitted to the headquarters. After disbursing, the excess amount was returned, he added. This was attributed to the untimely receipt of land form 7 in some villages and refusals to take loans of their own accord.
Agricultural Banks are required to disburse loans depending upon the types of crop. In some cases, applications were found to seek loans for false crops.—Aung Thant Khaing