Regime disburses over K1 billion in loans to fishermen in Arakan State

By Admin 23 Mar 2023

DMG Newsroom
23 March 2023, Sittwe

More than K1 billion will be loaned to fishermen from 10 townships for the development of the marine industry in Arakan State, according to the state’s Department of Fisheries.

Loans will be disbursed to hundreds of thousands of local fishermen from 18 villages in Sittwe, Pauktaw, Kyaukphyu, Thandwe, Gwa, Taungup, Ramree, Manaung, Myebon and Minbya townships.

U Tun Thein, acting director of the state’s Department of Fisheries, said fishing operators who want to get a loan can form committees in their respective villages and submit requests to the Department of Fisheries through those committees.

“Basically, we would disburse loan money to fishermen to get capital. The amount of the loan varies from village to village, depending on the size. For example, a village with 50 homes will be given K20 million and a village with more than 100 homes, K60 million,” he added.

K100,000 will be loaned to qualifying shrimp breeders and fishermen as well as those working in the marine industry at an interest rate of K500 per month.

K60 million has been loaned for the first time to fishermen in Palinpyin Village, Sittwe Township, according to the state’s Department of Fisheries.

“We got a loan,” said U Maung Mya Sein, the administrator of Palinpyin Village. “Depending on the business, the amount of loan is different. If you are a fishing operator, you can take a lot of loans. All those who work in the marine industry in the village can take out loans. With this loan, we get capital and the interest rate is not too high, which is very convenient for us.”

Fishing operators said the loans should not be disbursed for just one year, and rather should be offered over the next several years to develop the marine industry in Arakan State.

“We want the government to disburse loans to those working in the marine industry every year. We should be able to expand our business only if the government disburses loans. Locals also need to repay the loan in a timely manner,” said a fisherman from Hsin Tet Maw Village in Pauktaw Township.

Most residents of Arakan State, a coastal and riverine region in Myanmar’s west, mainly work in agriculture and fishing.

Many former fishermen who had depended on the rivers in Arakan State have left the fishing industry for better income-generation prospects in foreign countries due to decreases in fish catches and increases in the prices of fishing equipment.