Deputy Prime Minister Union Minister for Planning and Finance U Win Shein, as Chairman of the Union Price Stability Committee, presided over the 2/2023 committee meeting yesterday.
In his speech, the Union minister stressed that the working committees for commodity price stability are organized, and the committee held discussions with the Union ministers of focal ministries to stabilize the basic foodstuffs such as rice and cooking oil.
It also needs to inspect whether the allocated palm oil reaches the designated areas or market, and the officials discuss meeting the targeted palm oil import volumes and issuing the licences to rice exporters after their inspection processes.
Moreover, the committee met with the officials of UMFCCI and its brother associations in discussions to enact the Rice Law and set fair reference prices for 2023 monsoon paddy procurement.
He added that the country launched the Myanmar Rice Online (MyRO) system starting 3 November to register grain storage facilities, exporter licences and rice mill registration through digital platforms. The registration for storing 5,000 baskets of paddy or over 50 tonnes of rice at the MyRO system will support the emergence of a stable rice market and rice prices. The FDA also supervises the production, export, and distribution of refined cooking oil.
He also stressed the need to focus on the high yield of monsoon paddy, monitor the basic foodstuff prices, and report to the committee to solve the problem. — MNA/KTZH