Govt will buy rice from farmers if prices low
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The government has promised farmers that it will directly buy their rice at reasonable prices if they face losses because of low market price, Yangon Region Economics and Management Minister Than Myint said.
Than Myint made the disclosure in response to a question from an MP at the Yangon Region’s fourth parliamentary second-day session on September 28.
This year, systematic steps will be taken to ensure that the farmers do not face losses by reviewing the strong and weak points of buying monsoon and summer paddy last year.
The minister said the government would announce the required amount of rice and set the prices later after consulting rice industry-related organisations and experts.
The government gave up direct control over the operations of the entire rice industry such as trading, storing and milling in 2003.
The state no longer controls and restricts rice prices, allowing the private sector to trade independently.
In the 2011-2012 financial year, the president ordered officials to form a state rice reserve committee, which bought rice from farmers at reasonable prices fixed by the government when rice prices were low after the monsoon paddy harvest.
The committee bought rice from some townships of Ayeyawady, Bago and Yangon regions that met the set standard for 320,000 kyats per hundred baskets.
