The government set up a separate fund worth K400 billion taken over from the National Natural Disaster Management Fund for spending on the economic development of the nation. In doing so, the whole countries including regions and states need to work in concert for promoting the socio-economy of the people and their economy.
The state economy was damaged by the outbreak of Covid-19 in previous years. Moreover, internal and external forces politically attacked the government. Moreover, banking procedures were also disrupted by the collapse of the State economy. Hence, the government was difficult to deliver capital for operating businesses. Issuance of capital to operate the businesses is better than individual convenience.
In the time of the previous government, it can be seen that monetary assistance was provided for the people to ease crises of daily needs of households, depending on the consequences of the Covid-19 outbreak. Such a method may help the people spend the cash assistance on something but it will run out in a short time.
Practically, some persons took political advantages from the monetary assistance process at that time. Hence, the State fund could not be efficiently used. The aim of setting up the separate fund taken out from the National Natural Disaster Management Fund will be better than in the past.
Manufacturing of products is crucial in the State economic sector. As Myanmar is producing goods based on agriculture and livestock farms, fulfilling the needs of such sectors will help surge the State economy. In this regard, it is necessary to boast of growing summer rice and green gram as it can contribute much to cultivating summer rice and cold season crops for having a quick win in a short time. Hence, the handover of the fund will be very useful for the cultivation.
As a result, job opportunities can be created in the agriculture and livestock sectors. Moreover, farmers who would like to grow crops as they expected may invest money in other sectors. Generating many jobs will help earn income for farmers, contributing much to rising domestic demand and supply. As such, the people will have fruits of socioeconomic life.
The other day, the Chairman of the State Administration Council Prime Minister allotted the State economic promotion fund to relevant Union ministries, regions and states and self-administered zones respectively for the enhancement of the socioeconomic status of the people in the implementation of the projects. State endeavours should be welcomed. GNLM