Only good economy can ensure political stability: SAC president


Political stability will only be achieved when the economy is good and there is a need to balance supply and demand in the domestic manufacturing sector, otherwise the country will face high prices, General Min Aung said Hlaing, Chairman of the State Administration Council (SAC) and the Prime Minister while delivering a speech during the National Economic Promotion Fund fund transfer ceremony held at Villa Bayintnaung in Nay Pyi Taw on August 12.

The financial provision for investments encountered difficulties in the previous year in the previous period after assuming the functions of the state. The SAC faced numerous political and economic attacks and internal and external unrest to shut down banking activity, with the aim of causing an economic collapse. Moreover, the national economy has been hit hard by COVID-19. Therefore, there were difficulties in providing capital to businesses, he said.

Efforts should be made to promote the economy for national development. Economics and politics have a relationship and only good economics can ensure political stability. The economy has two parts – production and trade. The Ministry of Planning and Finance makes calculations and sets economic targets and draws up annual plans. Each country devotes annual budgets to economic development. The country’s GDP is growing every year. Changes in monetary value as well as increased production can also increase GDP. The relationship between local demand and exports must be taken into account. Chief Ministers must ensure balanced development and certify economic development through a review process. In the domestic production sector, supply must meet demand, otherwise there will be a price hike, he added.

Promoting production, the heart of the economy Production is the heart of the economy. As the country should promote agriculture-based production, the national economic development fund was set up. The fund can ensure quick gain and support for summer and cool season paddy crops. Thus, a specific fund has been created for summer paddy and green beans, which are one of the country’s export crops. The fund will help create employment opportunities and allow farmers to save their cultivation costs for other purposes. As jobs will generate income, there will be an increase in local purchasing power, which will eventually increase local supply. Therefore, business operations will become faster, he continued.

The funds currently disbursed are the capital given by the State, and these funds to be resumed will be disbursed again in the next season to be able to make investments. Therefore, it is necessary to consider that the investments are for the manufacture of goods and that the foreign exchange earnings must be made through the export of the goods. Foreign exchange earnings could be spent on imports of agricultural products and other necessary items. Thus, regional and state governments and self-governing regions are urged to implement the tasks successfully. Accordingly, measures should be taken successfully to ensure the smooth and smooth operation of small and medium-sized enterprises such as rice mill, edible oil mill and bean separator. It is necessary to analyze expenditure and waste so that there is no unnecessary waste, he said.

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