The National Unity Government (NUG) and the Chin National Front (CNF) are discussing a 500,000 USD pilot project to provide microcredit services to the people of Chin State.
Union Minister of Planning, Finance, and Investment of NUG, U Tin Tun Naing, stated that the project is expected to become operational this year.
The Union Minister disclosed the project's plans during an online press conference titled "From the Economic Collapse of the Nation to the End of the Military Dictatorship" held on June 3.
"We intend to implement our project together with our partners. Although the proposed amount exceeds 500,000 USD, we will make progress step by step. Currently, we are in discussions with Spring Development Bank (SDB) about starting a pilot project with 500,000 USD. SDB will provide loans to those engaged in small-scale agriculture and livestock farming in Chin State according to the specified rules”, U Tin Tun Naing said.
Like CNF's plan for Chin State, the Karenni State Interim Executive Council (IEC) is also in discussions with SDB to use some of the public's bank deposits for the revolution and to initiate microcredit businesses in Karenni State.
Detailed negotiations are currently underway in territories controlled by diverse resistance forces, on how to distribute the funds allocated by these projects to local communities. Once these steps are successfully completed, operations can begin.
The microcredit pilot project currently under discussion by the CNF and NUG, aims to provide loans to individuals involved in small-scale agriculture, livestock framing, trade, and private businesses in Chin State.
"CNF has presented a business plan, and we are working on negotiating its completion as soon as possible. Our aim is to kick-start the project within this year”, the Union Minister said.
U Tin Tun Naing also emphasized the urgent need for increased international assistance to the people of Myanmar, given the severe economic decline occurring under the Junta's rule.
During the online press conference held on June 3, Mr. Sean Turnell, the special adviser to the interim central bank, also joined U Tin Tun Naing to share insights.
