2017-18 debt report submitted to Pyidaungsu Hluttaw
U Maung Maung Win, deputy finance minister, submitted the government’s annual debt report for fiscal year 2017-18 to Pyidaungsu Hluttaw on November 29. In 2017-18, a total of US$1917.399 million were borrowed from eight organisations by foreign loan agreements. Japan International Cooperation Agency (JICA) is the biggest lender. Those loans will be used in 15 projects.
During that fiscal year, the World Bank extended most loans and the highest debt repayment was made to China.
The Ministry of Electricity and Energy tops with the most loans secured as well as maximum loan repayment amount.
Domestic debt balance as at the end of March 2018 is K20,724.6 billion. Debts from government treasury bonds are K4052.1 billion, accounting for 20pc. Debts from government treasury bills are K2351.2 billion, accounting for 11pc. Debts from Central Bank of Myanmar by selling government treasury bonds are K14,321.3 billion, which is 69pc. Those are the cumulative domestic debts from the previous years. 30pc from the sale of the government’s treasury bills to CBM, 30pc from sale of the government’s treasury bills auction and 40pc from sale of treasury bonds have been projected to fill the deficit in Union Government’s deposit account in the fiscal year of 2017-18, said U Maung Maung Win.
Pyidaungsu Hluttaw Public Accounts Committee’s secretary U Khin Maung Than submitted findings and recommendations on the government’s annual debt report for 2017-18 on the same day.
The government still owes US$ 10,200,170 million of foreign debt, he said. From 1988 to 2011, China’s debts are the highest and 97pc of foreign debts which the country still owes have to pay off China.
From 2011-12 to 2015-16, the country took the most loans from JICA and these are low-interest loans and from 2016-17 to 2017-18, the country took most loans from the World Bank and these are also low-interest loans, he said.