Parliament to decide on Yangon loan request
The Pyidaungsu Hluttaw is to decide on Thursday whether to approve the Yangon regional government’s plan to borrow €70 million from France.
THE Pyidaungsu Hluttaw (bicameral legislature) will decide on Thursday whether to approve a €70 million (K127 billion/US$79.68 million) loan to the Yangon regional government from the French Development Agency.
On Monday, Yangon government officials testified before parliament on the importance of the loans to the region.
The loan will fund projects to dig sandbanks on Pazundaung creek and Nga Moe Yeik creek, upgrade Pazundaung Market, and repair Strand Road.
Parliament delayed approval of the loan on November 26 after objections from several MPs.
At Tuesday’s meeting, a number of MPs remained unconvinced about the necessity of the loan.
“When asked about repaying the debt and where the money will come from, they couldn’t answer,” said U Khin Cho, Pyithu Hluttaw (lower house) MP for Hlaingbwe township in Kayin State.
Daw Khine San Hlaing, lower house MP for Pale township in Sagaing Region, said there were still a lot of questions in her mind about the projects to be funded by the loans.
“From what I’ve seen, they have not conducted any research about the probability of implementing the projects. Also, the proposed management of the loan is unsatisfactory, so we must carefully consider the need for such projects,” she said.
U Khin Khin Maung of Northern Dagon opposed the sandbanks project, saying, “The Yangon government wants this project solely to help the people who are running the water bus.”
U Khin Cho also opposed the project. “They will dig the sand from Pazundaung creek then there will be sand again, so it is just waste of money. There will be no change,” he said.
Yangon Mayor U Maung Maung Soe said the French government offered the loan, so the city government accepted it.
Yangon Region Transport and Communication Minister Daw Nilar Kyaw also attended the meeting.