BRIEF - Proposed rice storage scheme offers insurance for farmers

The Myanmar Rice Industry Association (MRIA) has announced a plan to create storage facilities enabling farmers to stock surplus rice instead of selling at low price during the harvest season, when supply is high. MRIA executive Soe Tun said the system, when implemented, will allow farmers to deposit their rice at storage facilities until prices rise. He said farmers who deposit rice stocks will be issued insurance documents, which can be mortgaged for bank loans. The MIRA is currently consulting with the United Nations’ Food and Agricultural Organisation to work out locations, construction and fees.