Lawmakers discuss fiscal deficit for interim period, foreign loans

Pyidaungsu Hluttaw is being convened in Nay Pyi Taw. Photo: MNA
Pyidaungsu Hluttaw is being convened in Nay Pyi Taw. Photo: MNA

The 2nd Pyidaungsu Hluttaw held its fifth meeting for the eight regular session, inviting lawmakers to discuss nomination for Union Minister for Planning and Finance, putting on record the assignment of state minister, appointing members to the Joint Public Account Committee, putting on record the 2017 annual report of Myanmar National Human Rights Commission, a discussion by lawmakers on borrowing loan from the Central Bank of Myanmar to cover the fisal deficit from April to September and explanation about use of foreign
loans by ministries.

President nominates U Soe Win as Union Minister for Planning and Finance
Pyidaungsu Hluttaw Speaker Mahn Win Khaing Than submitted to the Hluttaw the nomination of U Soe Win as Union Minister for Planning and Finance, sent by the President.
The Pyidaungsu Hluttaw Speaker announced the appointment of U Soe Htet as Chin State Development Affairs, Electricity and Industry Minister sent by the President.
The bill amending the Early Childhood Development Law, over which the two Hluttaws were in disagreement, was sought approval paragraph by paragraph. The approval of the Hluttaw was also obtained for the appointment of Brig-Gen Ye Naing Myo to replace Col. Ne Win as Tatmadaw representative member of the Pyidaungsu Hluttaw Joint Public Account Committee.
The Hluttaw also announced the putting on record of the discussion of the Hluttaw representatives on the 2017 annual report of the Myanmar National Human Rights Commission and the explanation provided by commission chairman U Win Mra, in response to the Hluttaw representatives’ discussion.
Following this, a report on the findings and comments of the Joint Bill Committee on the bill amending the National Budget Law sent by the Union Government was read by committee member U Aung Kyi Nyunt, and an announcement was made to the Hluttaw representatives to enroll their names if they want to discuss the report.

MPs discuss fiscal deficit for six-month interim period
Lawmakers discussed the matter of borrowing Ks641.029 billion loan from the Central Bank of Myanmar to cover the fiscal deficit for the six-month interim period from April to September, sent by the President.
Daw Cho Cho of Ottwin constituency, U Bo Gyi of Chauk constituency, U Nay Kyaw of Dagon Myothit (East) constituency, U Than Soe, also known as Than Soe (Economic) of Yangon Region constituency (4) and U Khin Cho of Hlaingbwe constituency took part in the discussion. Daw Cho Cho discussed about the government’s plan to cover the 80 per cent of the deficit with treasury bonds and the remaining 20 per cent with loan from the CBM.
Later, the status of the project-wise utilisation of foreign loans, approved by the Pyidaungsu Hluttaw up to 31 March 2017, was explained by members of union level organisation.
Ministry of Health and Sports explains foreign loans
Further, Union Minister for Health and Sports Dr. Myint Htwe explained about obtaining US$ 100 million from the World Bank and US$ 12 million from ADB, of which Ks 68 billion has been used for health services.

Six foreign loans by Ministry of Planning and Finance
Deputy Minister for Planning and Finance U Maung Maung Win said that the six foreign loan projects conducted by the ministry included the Myanmar Modernization of Public Finance Management Project (MMPFM Project), SME (small and medium enterprise) development project phase 1, the Natural disaster rehabilitation project, Myanmar Financial Sector Development project, the Agriculture and Rural Development Two Step Loan project and the Development Policy Loan. The Yangon City Development Committee is conducting two water distribution development projects and Mandalay City Development Committee is operating the Mandalay Urban Services Improvement Project (Asian Development Bank – ADB) and Mandalay Urban Services Improvement Project (Francaise de Development – AFD).

Ministry of Construction explains spending foreign loans on infrastructure projects
Similarly, Union Minister for Construction U Han Zaw said that the Department of Roads is conducting seven projects with foreign loans. Although the first stage loan of US$ 373.171 million from China EXIM Bank loan of Yuan 30 billion was approved by the Pyidaungsu Hluttaw, the loan contract was not signed, since an agreement was not reached on the loan. The Maubin-Kyaiklat-Pyapon road, built with a US$ 80 million ADB loan, was 92 per cent completed, while the Eindu-Kawkareik road, constructed with a US$ 120 million ADB loan, was 19 per cent completed. The upgrade of the Thandwe-Gwa road, financed with a US$ 105 million World Bank loan was also underway, said the Union Minister.
The Department of Bridges is overseeing the Gyaing Kawkareik Bridge, Gyaing (Zarthabyin) Bridge and Attaran Bridge projects, with a 33,869 million Japanese Yen loan. Bago Bridge (Thanlyin bridge 3) will be built with 31,051 million Japanese Yen, while an agreement for the US$ 137.833 million Korea-Myanmar Friendship Bridge (Dala) project was signed, and is being reviewed by the Ministry of Transport and Communications, Ministry of Construction, Ministry of Planning and Finance and Yangon Region government, as per instructions from the President’s office.
Roads and bridges maintenance and upgrading works will be conducted on 35 roads, totaling 240 km in length, and 29 bridges in 40 townships of five states and regions financed by World Bank loan of US$ 70 million, said the Union Minister. The 2nd Pyidaungsu Hluttaw eighth regular session sixth day meeting will be held on 31 May. — Myo Myint, Aung Ye Thwin/MNA

 

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