2017-18 debt re­port sub­mit­ted to Pyi­daungsu Hlut­taw

The Myanmar Times - Weekend - - Business - CHAN MYA HTWE chan­[email protected]­times.com

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.

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