Myanmar has approved a crop insurance scheme for smallholder farmers to assist them in facing agricultural challenges and fighting uncertainties
The programme is in line with Myanmar government’s ambitious plan to protect crop damages due to unpredictable weather conditions in the far-eastern Asian nation.
Yangon-based Global World Insurance is supporting Myanmar government in implementing the project on an experimental basis. As reported by Myanmar Times, the insurance scheme will include only paddy for the moment, extending in the region such as Yangon, Ayeyawady, Magwe and Mandalay.
According to the source, agriculture provides almost one-third of Myanmar’s GDP, representing one-fifth of the country’s exports to the international marketplaces.
The proposed crop insurance scheme, first time in Myanmar, is expected to boost development in the country’s paddy production, the cost of which is higher than the neighbouring countries. This is mainly because of the poor agricultural infrastructure and erratic weather conditions that led to severe crop damages.
A couple of years back, Myanmar’s close neighbour India announced to deploy satellites to digitally map each farmland in the country using GPS technology to offer yield-based crop insurance to farmers. Thailand also provides crop insurance to protect its farmers from agricultural damages.
The new crop insurance programme follows Myanmar’s Development Assistance Policy (DAP), which aims to effectively channel aid funds, provided by international agencies, to develop the country’s various sectors including agriculture.
