PYIDAUNGSU Hluttaw held its 4th-day meeting of 16th regular session yesterday, with debates of MPs on getting international loans.
A proposal put forward by the President to get US$700 million loan for addressing national revenue deficit was approved by the Pyidaungsu Hluttaw after discussions of Deputy Minister for Planning, Finance and Industry U Maung Maung Win and Deputy Governor of the Central Bank of Myanmar U Soe Min.
The deputy minister said that the proposed loan will be mainly used to tackle budget deficit, although it cannot be detailed about specific amount for different sectors, including agriculture, livestock, creating employments in the country.
Deputy Governor U Soe Min said that the IMF loan is aimed at increasing healthcare budget, financial stimulus plans for lessening impacts on the businesses and providing assistance to the people with difficult livelihoods due to the COVID-19.
Deputy Minister for Agriculture, Livestock and Irrigation U Hla Kyaw and Deputy Minister for Planning, Finance and Industry U Maung Maung Win discussed about receiving $200 million from the International Development Association of the World Bank for the project to support food, agriculture and livestock sectors of Myanmar.
Deputy Minister U Hla Kyaw said the Department of Agriculture will lead the project, in coordination with the Department of Agricultural Research, the Livestock Breeding and Veterinary Department, the Cooperative Department and the Irrigation and Water Utilization Management Department. The project will be implemented in five and half years from 30 June 2020 to 31 December 2025 by using the 30-years loan, with five years-grace period and the 25-years repayment in 1.25 per cent interest rate and 0.75 service charge.
He added the loan could increase agricultural production sector, quality of produce, market competitiveness, food safety and better nutrition.
Deputy Minister U Maung Maung Win supported the loan programme as it meets with the existing laws, debt management strategy, development support policies, MSDP and CERP. He added that agriculture and livestock is the most potential sector for economic recovery in the post COVID-19 period, and that this sector should be supported by both state revenue and international loans.
The Hluttaw then discussed loan proposal tabled by the President for getting K1,311.064 billion loan from the Central Bank of Myanmar to address deficit of Union government deposit for 2019-2020 financial year.
Major San Win Khine, the Pyithu Hluttaw representative of the Tatmadaw, suggested to use the loan effectively and efficiently for the nation and people.
The motion was also discussed MP Dr Thet Thet Khine from Dagon constituency, MP U Bo Gyi from Chauk constituency, Pyithu Hluttaw representative of the Tatmadaw Lt-Col Tun Tun Win and MP U Khin Cho from Hlaingbwe constituency.
Discussions were made on the proposal put forward by the President for getting Japanese yen 30 billion from the Japan International Cooperation Agency for the recovery of socioeconomic impacts from the COVID-19 pandemic and development of economic policy and reform processes of Myanmar.
It was discussed by Pyithu Hluttaw representative of the Tatmadaw Major Min Zarni Htwe, MP U Sein Win from Maubin constituency and eight Hluttaw representatives.
The Hluttaw representatives discussed the President’s proposal for getting $60 million loans from the Asian Development Bank for establishing a loan insurance corporation for the development of SMEs.
The motion was discussed by the 12 Hluttaw representatives including Lt-Col Thant Zin and MP Daw Myat Thidar Tun.
U Tun Tun Oo, the Union Attorney-General and the member of Myanmar Investment Commission, discussed the 2018-2019 FY report of the commission.
The 5th day of Pyidaungsu Hluttaw will be organized on 27 May.— Aung Ye Thwin, Aye Aye Thant
(Translated by Aung Khin)
