IFC to help Myanmar boost its rice industry
IFC, a member of the World Bank Group, has recently signed a memorandum of understanding (MoU) with the Myanmar Rice Federation (MRF) to support the sustainable growth of Myanmar’s rice industry.
The MoU aims to accelerate changes in the industry through development, improvement, and promotion of milled rice standards and paddy grading system, which will lead to improved rice production, increased export volumes, and better livelihoods for millions of farmers.
This was done through IFC’s partnership with Australia, the United Kingdom and Japan.
Rice is Myanmar’s most important agricultural sector, accounting for 40 percent of gross agricultural output and 13 percent of overall gross domestic product.
For the financial year 2017 to 2018, Myanmar exported more than 3 million metric tons of rice and broken rice worth more than $1 billion to 57 countries. This is the highest level of rice exported over the past 70 years.
“To further unlock the rice industry’s potential, in support of the Myanmar government’s continuing efforts, IFC will assist MRF to improve the country’s current milled rice standards and paddy grading system,” IFC said.
“It will further promote adoption among the nation’s rice millers and exporters in order to transform the rice standards in a sustainable manner,” it added.