President Thein Sein visited Mingalar market on Monday morning and met with affected shopkeepers, whom he promised between $500 and $1,000 each in compensation.
He said a loan scheme would be created, local media reported.
Minister of Ye Htut posted photos of the visit on his Facebook page.
The mayor of Yangon has also said that shopkeepers can temporarily take up residence in two separate markets while Mingalar is being rebuilt.
According to the Mingalar Taung Nyunt Townships police station, a whopping $28 million in goods and property was reported lost in the Saturday morning fire.
New information is emerging about the cause.
Authorities are investigating the actions of a man in charge of electricity supply at the market, who switched on the power so workers could repair the door of a shop. They think sparks from a wire started the disaster. The workers are also being investigated.
Firefighters have been busy lately as a fire in a residential area broke out in Sanchuang Township on Monday morning. An estimated 14 homes were destroyed and authorities are also considering legal action against the homeowner who is being blamed for starting it.
