BUSINESS – Industry Ministry slammed for incurring $200m loss

Burma’s Ministry of Industry came under fire from MPs in parliament on Thursday for accumulating a loss of 190 billion kyat (US$200 million) over the last year. A Ministry spokesperson explained that losses were due to a cut in demand for agricultural equipment, the suspension of a paper mill and a factory, and a delay in recuperating fertiliser revenues. However, MP Khin Shwe claimed that the privatisation of profitable sectors – such as breweries, cigarette factories and soft drinks production – was the real reason for the losses.