Yekyi Township sends 550,000 pieces of dragon550,000 pieces of dragon fruits to Yangon marketfruits to Yangon market
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Local farmers and businesspersons from Yekyi Township of Ayeyawady Region shipped 550,000 pieces of dragon fruits to Yangon market said Daw Cherry, the owner of fruit wholesale centre in Yekyi Township. They sent 450,000 pieces of dragon fruits in October, compared to 550,000 pieces of fruits in November. Local farmers grow dragon fruit plants in organic techniques. Daw Cherry disclosed: “Farmers and traders dispatched a large number of dragon fruits to Yangon market in November. The fruits from Yekyi Township are quality, attracting customers and consumers. Now, the fruits can be plucked at the farms in Yekyi Township. So, farmers send their fruits to Yangon market.” Dragon fruit fetches Ks-1,000 to Ks-2,200 at the domestic market, depending on sizes and quality. Thanks to high demand of the fruit from Yangon market, those in production chain can earn increased incomes for their families. SK
State Administration Council Chairman Prime Minister Senior General Min Aung Hlaing, currently in the Russian Federation, received a delegation led by Russia-ASEAN Economic Commission Chairman Mr Ivan Polyakov at the meeting room of Hotel Radisson Collection in Moscow on the evening of 4 March.At the meeting, both sides cordially discussed the functions of the commission, the development of cooperation in the agricultural sector between Myanmar and the Russian Federation, prospects to export watermelon, mango and other fruits of Myanmar to the Russian Federation, plans to recycle waste, cooperation in aerospace and technology, and economic cooperation between the two countries.The meeting was attended together with the Senior General by SAC Joint Secretary General Ye Win Oo, Council Member General Nyo Saw, Union Ministers, the Myanmar Ambassador to the Russian Federation and officials. The Russia-ASEAN Economic Commission Chairman was accompanied by commission officials. — MNA/TTASource: The Global New Light of Myanmar
NAY PYI TAW March 5The coordination meeting on the scrutiny of the Union budget for the 2025- 2026 fiscal year was held this afternoon at the meeting hall of the SAC Chairman Office in Nay Pyi Taw.Vice Chairman of Finance Commission, Vice Chairman of the State Administration Council Deputy Prime Minister Vice-Senior General Soe Win, attended and delivered a speech.The meeting was attended by chairman of the Union Election Commission U Ko Ko, Union Ministers U Win Shein, Dr. Charlie Than and Jeng Phang Naw Taung, the Auditor General of The Union Dr. Khin Naing Oo, Deputy Minister U Min Htut and officials. Union-level dignitaries, Union Ministers, the Nay Pyi Taw Council Chairman, Deputy Ministers and officials attended via video conference.First, Vice-Senior General Soe Win delivered his speech, stating that the meeting was convened to discuss and finalize the scrutiny of the Union budget estimates for the 2025-2026 fiscal year. This included the budget estimates for the Union, Regions and States, as well as Union organizations and ministries, before their submission to the Chairman of the Finance Commission.The state must ensure that the budget for each fiscal year is prepared without exceeding the deficit-to-GDP ratio of 5 percent. A review of the budget estimates for the 2024-2025 fiscal year indicates that several ministries and organizations responsible for generating state revenue have fallen short of their targets for various reasons.Additionally, unnecessary expenditure requests have been submitted, and some projects have been proposed under the assumption that they can be completed. It has been observed that the state's general surplus typically emerges only toward the end of the fiscal year. This is primarily due to the incomplete implementation of projects and the inability to commence certain projects for various reasons, including the return of unspent funds.Therefore, GDP is calculated based on both revenue and expenditure.In the section comparing the deficit to the GDP ratio, if all the revenue is not utilized for expenditures, the GDP will decrease in proportion to the revenue and expenditure imbalance. However, if the ministries that need to spend the funds can do so early, the projects and activities will be completed, which will in turn increase the GDP of those ministries. This matter holds significant importance. In this regard, the Head of State issued instructions during the Finance Commission (2/2024) meeting, stating, We must scrutinize the budget and ensure responsible spending. There are requests that are unnecessary, some made for contingency purposes, and others where funds are requested without the ability to implement the associated projects. Therefore, through thorough scrutiny of these requests, the original budget estimate could be significantly reduced. Therefore, I would like to urge ministries and union organizations to scrutinize and submit budget requests based on projects that need funding and those that do not.The newly established Industrial Development Commission, Electricity and Energy Development Commission, and Agriculture and Livestock DevelopmentCommission key drivers of the country’s economic growth will collaborate with ministries formed by the Prime Minister to boost the economy, leading to increased necessary expenditures. Additionally, surplus revenues will be allocated to relevant ministries as needed, significantly enhancing GDP.As GDP rises, state revenue will also grow. Therefore, when submitting the original budget estimate and revised estimate in the future, the Union-level organizations and ministries should submit them only after calculating and verifying the actual needs. If we look at the situation that has arisen according to the findings of the Pre-Screening Committee and officials, it is found that the ministries initially reported that the deficit to GDP ratio was 7.04 percent according to the revenue and expenditure budget.On this, the two departments and three committees under the Ministry of Planning and Finance scrutinized it and found that the deficit to GDP ratio was 6.56 percent. On this, the Deputy Minister and the team further scrutinized it and found that it was 5.85 percent. Next, the Deputy Prime Minister and the Union Minister for Planning and Finance scrutinized it and found that the deficit to GDP ratio was 5.24 percent.At the final stage, the Pre- Screening Committee Chairman and important ministries jointly reviewed the mandatory expenditures and the budgeted GDP was calculated based on the budgeted budget for the 2025-2026 FY after deducting the expenses of unnecessary projects. As a result, the deficit to GDP ratio can be reduced to 4.74 percent compared to the deficit. The amount of money that does not exceed 5 percent of the deficit-to-GDP ratio can be provided to the ministries related with the newly formed three commissions and other mandatory support topics, depending on the need.In addition, the budget should include the cost of preparing for and maintaining natural disaster damage, social protection expenses, and education and health expenses. After the preliminary screening commission has completed its screening, the Prime Minister may issue additional instructions to implement projects for the development of the national economy as needed, so it is necessary to take precautions to allow for approval. Therefore, he said he would like to ask ministries and organizations to submit any additional comments they have regarding the revenue and expenditure budget for the 2025-2026 FY.Then, the Secretary of the Commission, Union Minister U Win Shein, explained the status of the verification of the Union’s budget for the 2025-2026 FY, the budgets of the Union for the fiscal year submitted by departments and organizations, the status of the ministries’ allocations to meet the foreign exchange and tax revenues to be received in the fiscal year, Deputy Minister U Min Htut explained the status of the preliminary verification of the Union’s budget for the 2025-2026 FY, and the Auditor General of the Union, Dr Khin Naing Oo, explained the processes to be carried out for the audit of the budgets of the Union.After that, Union Ministers and officials from Union-level organizations discussed and presented according to the respective departments and organizations, and the Secretary of the Financial Commission made supplementary discussions.Then, Vice Chairman of the Financial Commission, Vice Chairman of the State Administration Council, Deputy Prime Minister, Vice-Senior General Soe Win coordinated the discussions and requested that ministries should submit requests for expenditures only after systematic scrutiny. In addition, ministries and organizations must work to fully obtain the available funds and scrutinize the use to ensure that there is no waste, and the meeting was adjourned.Source: https://myawady.net.mm/
US President Donald Trump said Taiwan Semiconductor Manufacturing Company is investing an additional 100 billion dollars in the United States. He said the giant chipmaker will build state-of-the-art facilities to "boost America's dominance in artificial intelligence and beyond."Trump made the announcement with CEO C.C. Wei at the White House on Monday. He described semiconductors as "the backbone of the 21st century economy."Trump said semiconductors are essential to powering everything from AI to automobiles to advanced manufacturing. He added, "We must be able to build the chips and semiconductors that we need right here and American factories with American skill and American labor."He said the world's largest contract chipmaker plans to make the major investment over the next four years. It supplies semiconductors to Nvidia, Apple, and other US clients.TSMC announced a 65-billion-dollar investment last April for manufacturing operations in Arizona.ကိုးကား-NHK
THE EU warned on Tuesday that US tariffs on Canada and Mexico threaten transatlantic “economic stability” and risk “disrupting global trade”, urging Washington to reverse course.Stinging US tariffs on Canadian and Mexican goods came into effect as a deadline to avert President Donald Trump’s levies passed without the nations striking a deal.“These tariffs threaten deeply integrated supply chains, investment flows, and economic stability across the Atlantic,” European Commission spokesman Olof Gill said in a statement.He noted that Mexico and Canada are the European Union’s economic partners through two separate agreements. In January, the EU announced that it would strengthen its trade relations with Mexico, an upgrade that had been eight years in the making.“The EU stands firmly against protectionist measures that undermine open and fair trade. We call on the United States to reconsider its approach and work towards a cooperative, rules-based solution that benefits all parties,” he added.The EU itself faces Trump’s extra levies.His 25 per cent tariffs on US steel and aluminium imports will take effect from 12 March, affecting European industries. Brussels has vowed to retaliate with firm and proportionate countermeasures.Tr ump has also signed plans for sweeping “reciprocal tariffs” that could hit both allies and adversaries. — AFPSource: The Global New Light of Myanmar
The Thai central bank has lowered its interest rate by a quarter percentage point in the face of US President Donald Trump's trade tariff measures.The Bank of Thailand said on Wednesday it cut the rate to 2 percent in its first reduction in four months. Policymakers said the country's economy is subject to "heightened risk from trade policies of major economies," apparently with the US in mind.They also projected slower economic growth, as Thai manufacturers, notably automotive and petrochemical makers, are facing intense competition from imported goods.The Thai central bank had been cautious about rate cuts despite growing calls from political and business leaders.Other central banks in Asia and Oceania have also cut rates due to growing worries about US tariffs as well as slowing inflation.Source: NHK World
US President Donald Trump ordered a probe yesterday into potential tariffs on lumber imports — in his latest move threatening to stoke trade tensions — while also pushing for a domestic supply boost.Trump signed an executive order instructing Commerce Secretary Howard Lutnick to start an investigation “to determine the effects on the national security of imports of timber, lumber, and their derivative products.”The study may result in new tariffs being imposed, which would pile on top of existing levies. The investigation takes aim at exporters like Canada, Germany and Brazil, with White House officials earlier accusing these economies of “dumping lumber into our markets at the expense of both our economic prosperity and national security.”Canada, for example, is among the world’s biggest exporters of softwood lumber,with its largest export market being the United States.The probe under Section 232 of the Trade Expansion Act comes days after Trump used the same tool to study copper imports, and after he unveiled tariff hikes on steel and aluminium products.Speaking to reporters ahead of the announcement, a White House official criticised “bad actors” globally who develop “massive overcapacity” with the help of government subsidies. — AFPSource: The Global New Light of Myanmar
