SAC Chairman Prime Minister Senior General Min Aung Hlaing receives Russia-ASEAN Economic Commission Chairman
saceditor
News Image
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/TTA
THE Consumer Affairs Department under the Ministry of Commerce stated that reasonable market prices of rice for March 2025 were issued, and non-compliance with the set prices is subject to legal action.The Ministry of Commerce issued reasonable prices for all varieties; K68,000-K80,000 per 108-pound bag of non-premium rice (Aemahta, Ngasein, Sinthukha, Ngasein Yakyaw, Kayinma, Yadanatoe, Tunpu, GW-11, Sawshoke 747, Theepu, Shweman, and Hnankauk among others), K82,000 per bag of rice varieties (Zeeya, Ngwetoe, Minaya, Hnankauk, Shweman) that are consumed locally and exported, K94,000 to K99,000 to Shwethwe, Anyatha, Pakan, Hmawby -2,3, 90-day short matured rice, Manaw Thukha, Sinthuka, Byawtun, Ayeyapadetha and Ayeyamin produced from Ayeyawady, Yangon and Bago regions, K90,000-K150,000 to moderate quality rice including Magyantaw, Ayeyamin and Ayeyapadetha produced from Mandalay, Magway, Sagaing, Nay Pyi Taw and upper Myanmar regions, and premium Pawsan rice ( Ayeyawady Pawsan and Shwebo Pawsan). The retailers are not entitled to make more than eight per cent of the set reasonable market prices, the ministry announced.The ministry determined reasonable market prices by considering the following factors: fair profit for farmers, millers and distributors, reasonable prices for consumers, last year’s market price, global market prices and other commodities prices. There are separate prices for modern trade with consumer packaging at mini-marts and supermarkets.If individuals have difficulty buying rice, they are urged to contact the Myanmar Rice Federation. The buyers can complain about overpricing to the Consumer Affairs Department and MRF.MRF warned that overpricing, sales with inaccurate measurement and quality and non-compliance with directives are subjected to fines, taxation and prosecution under Section 5 of the Essential Supplies and Services Law. Thus, rice millers, rice shops, traders and merchants are encouraged to follow the rules. — NN/KKSource: https://www.mdn.gov.mm/en
Paungde, 6 MarchThe Township Land Records Department has reported that 42,078 acres of winter mung beans were planted in Paungde Township, located in Nattalin District, Bago Region, during the 2024-2025 fiscal year. Farmers in the area have been harvesting and threshing the beans since the last week of February.In this region, farmers typically begin planting mung beans in October, following the monsoon paddy harvest. The most commonly used variety is TBL-9. Farmers employ a seeding method suited to their land, planting approximately 6 to 7 bushels per acre. The input cost for this amounts to about Ks 700,000 per acre.Currently, mung beans are being threshed, and the expected yield is an average of 14 to 18 bushels per acre. It is known that the average yield for model plantations is around 30 bushels per acre. Farmers in need of immediate funds have already started selling their beans to local markets, where the beans are being purchased at a market price of Ks 95,000 per bushel.– Shwe Thar (IPRD)Translated by JTSource: https://www.mdn.gov.mm/en
THE rental market in Yangon has continued to rise without a decline, according to real estate agents and tenants.Rents of apartments and houses in Yangon have not declined due to office workers, families moving from other cities, and people coming to attend training.“The rental market is still active. Once vacant, there comes another tenant. There is no difference between low and high-rise rooms, houses and apartments. People with large families rent houses. Employees and friends to share living rent apartments. Rental activity is active in almost every township,” said Daw Soe Soe, a real estate agent in Kyimyindine.Rents are booming, and rental prices are high, with more rooms being rented on contracts and deposit systems. “Rental prices are higher than before. And there are almost no monthly rentals.There are many rentals on six-month, three-month contracts, and deposit systems,” said a tenant.Recent buyers are more likely to be people who need to live than investors, according to the real estate community.— MT/ZNSource: The Global New Light of Myanmar
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
