Local firms are finding it hard to take advantage of Central Bank regulation allowing them to borrow from abroad, because international lenders lack sufficient information to assess their credit worth, according to financial industry heads.
The Chin State government will focus on developing three main areas of the local economy over the next five years – trade, small and medium enterprises, and tourism – according to the state minister for development, electricity and industry.
The Tanintharyi Region government has rejected a recent proposal by Salt International Company to extract sand from Myeik district and export it to the Maldives, the region’s chief minister told The Myanmar Times yesterday.
The country’s largest state-owned bank has been loss-making since 1988 and reforms are necessary to help it become profitable again, parliament heard on August 23.
The government is hoping the start of Treasury bond auctions in multiple denominations will allow it to rely less on selling government debt to the Central Bank, U Maung Maung Win, deputy minister for planning and finance, told a Pyidaungsu Hluttaw session on August 23.
With oil and gas majors planning to ramp up their Myanmar operations the need for a local offshore supply base is becoming critical. Myanmar Oil and Gas Enterprise (MOGE) is preparing to issue a tender to build and operate multiple bases, while a Singaporean joint venture is hoping to receive approval for its own supply base in the next few months.
Myanmar’s total trade volume has fallen by almost US$700 million in the first four months of this fiscal year compared to the same period last year, according to Ministry of Commerce data, while the country has racked up a $1.5 billion trade deficit.