Myanmar govt plans to purchase more reserve rice

Govt to beef up rice and palm oil reserves | The Myanmar Times

The government is planning to purchase an additional 20,000 tonnes of rice for its reserves. The government first announced that it would be purchasing 50,000 tonnes of rice from local farmers for reserve purposes earlier this year, when COVID-19 was first detected in Myanmar. It has so far successfully stored away 85 percent of that quota.

The rice was procured from 12 export companies and stored at nine warehouses from April 30 to June 12. A total of 40,000 tonnes was purchased from Yangon, more than 30,000 tonnes from Mandalay and 1000 tonnes from Nay Pyi Taw.

Due to the outbreak of COVID-19, Myanmar will export a maximum of 2.5 million tonnes of rice in fiscal 2019-20. It purchased up to K38 billion worth of the remaining volumes of rice from local traders, and expects to buy up to 10pc of total export volumes for reserve purposes.

Source: Myanmar Times

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