Over 24 billion USD in trade deficits occurred in former president Thein Sein’s Administration and NLD’s Administration
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Hsu / Myo Gyi (NP News) - Oct 27
The Chairman of the State Administration Council (SAC) said that more than 24 billion USD of the budget deficit was shown during Thein Sein Administration and National League for Democracy (NLD) Administration.
Senior General Min Aung Hlaing mentioned this budget deficit during his meeting with the businessmen of Micro, Small, and Medium Enterprises (MSME) in the Naypyidaw Council Area on 22nd October.
The country’s economy was negatively affected by Covid-19 and the downfall of the economy has already started between 2018 and 2019, he said.
Lack of encouragement in domestic productions and local businesses claimed the downfall of the economy. In addition, increase in the import also triggered a bigger deficiency in foreign currency, Senior General Min Aung Hlaing remarked.
He continued that within the first and second terms of democratic governments, about 24 billion USD is shown as the trade deficit. The trade deficit was settled with foreign loans, grants and other earnings.
The current SAC government believes that the country’s economy will be improved if the trade deficit can be reduced.
According to the statistics from the Ministry of Commerce, total trade within seven months of the 2022-23 FY is 18 billion USD and with more than 32 million dollars of trade deficit.
The SAC is currently struggling to reduce foreign debt by exporting agricultural products and other natural resources as finished goods to get more foreign earnings.
Senior General said that agriculture is the most fundamental sector of the country’s economic development. However, the farmers in Myanmar are seriously affected by rising fertilizer prices.
The farmers in Myanmar have to pay more than twofold for the expense on fertilizer than before.