By Ra Wai / MPA
Myanmar’s junta leader, Min Aung Hlaing, acknowledged that the military regime has been unable to secure foreign loans, leading to a shortage of foreign currency and rising production costs.
He also insisted that efforts are being made to boost domestic production.
Senior General Min Aung Hlaing made these remarks during a meeting with chief ministers of regions and states in Naypyidaw on Tuesday.
A Yangon-based electronics businessman told MPA, “Despite Min Aung Hlaing’s claims about improving production, many factories have shut down because they haven’t received licenses to import raw materials. The junta has also failed to ensure a stable electricity supply, and with high fuel prices, many factories can only operate when power is available. Due to the ongoing power shortages, numerous small businesses and factories in Yangon have been forced to suspend operations.”
Min Aung Hlaing stated that during the two terms of the previous democratic government, Myanmar required over $24 billion in foreign currency for trade, which was supplemented through foreign loans, aid funds, and non-trade sources.
He acknowledged that while foreign currency is currently being obtained from CMP (Cutting, Making, and Packing) industries and remittances from individuals working abroad, the amount remains insufficient to meet the country’s needs.
Min Aung Hlaing admitted that rising commodity prices are driven by a domestic foreign currency shortage and escalating production costs.
Editor – ML
Translator – Alice Wai
