The National League for Democracy (NLD), which is leading Myanmar currently, is expected to improvise and build the country’s agriculture sector
The government led by President Thein Sein had launched a slew of reforms to the nation’s agriculture sector, which the NLD hopes to improvise upon.
Macquarie University academician Sean Turnell, who is also an informal advisor to the NLD, said, “In agriculture, things are not really good. A reorientation of economic policy towards agriculture, making life better for Myanmar’s farmers and cultivators and rural population generally – that’s where we’re going to see a really strong focus.”
Researchers and observers believe that the sector is plagued with issues such as high levels of debt and a poor local credit system.
Considering more than 70 per cent of the 54mn population thrives on agriculture, change is needed now, believes Turnell. The Myanmar Agricultural Bank is expected to play an active role in ensuring credit reaches farmers adequately. Government regulations are also likely to ease up.
Of late, Myanmar has been receiving strong foreign investment with around US$8bn coming in from overseas investors, and international trade sanctions have also been eased. The nation has experienced economic growth of around eight per cent a year.
Further on, some key reforms are expected such as giving the central bank greater independence, including more muscle to deal with inflation.