Ambitious target set for upcoming bond auctions

The government has set an ambitious target for its upcoming Treasury bond auctions next month, aiming to sell about K1.85 trillion (US$1.53 billion) in debt, to account for 60 percent of its domestic borrowing for this year’s budget, a senior official from the Central Bank told the Pyidaungsu Hluttaw last week. Speaking during a parliamentary session […]

Govt mulls rejection of US$300 million loan from China

Thanks but no thanks, the Myanmar government may be preparing to say to a major Chinese lender. As Foreign Minister Daw Aung San Suu Kyi discussed the future of the controversial Myitsone dam project and other aspects of Myanmar-Chinese relations in Beijing, questions were being raised as to whether the country needs to take on an additional […]

Vehicle inspection system blocked by absence of by-laws

DESPITE securing Japanese financial assistance to mechanicalise vehicle inspection protocol of the Road Transportation Administration Department, the Pyithu Hluttaw Transport, Communication and Construction Committee has announced the absence of motor vehicle by-laws is hindering the process. “The current method of vehicle inspection poses great danger as it is conducted in person by department staff. The […]

MPs call for effective tax collection reform

MEMBERS of parliament stressed the need for reforming taxes in order to foster the country’s current social and economic reforms while debating the Joint Public Accounts Committee’s report on the tax collection target for the second six months of this fiscal year during a session of the Pyidaungsu Hluttaw yesterday. Dr Thet Thet Khine of […]

Ministries to hold power over BOT condominium sales

Foreign investors will be able to buy condominium units in build-operate-transfer (BOT) projects on ministry-owned land if the ministry is willing to register the project, officials said yesterday. The Condominium Law passed last month opens the real estate market to foreign buyers for the first time, but makes no mention of BOT developments. This has […]

New proposals for delayed Condo Law

Four additional recommendations to the draft Condominium Law were debated in parliament earlier this week, as the upper and lower houses continue to tussle over details of the elusive bill. The Pyidaungsu Hluttaw’s Joint Bill Committee on November 18 submitted its report on the Condominium Law, which reviewed the existing 62 clauses and put forward […]

MIC plans to delegate investment powers

“We are considering delegating power to the state and regional governments, and allowing them to approve certain projects, though the details are not yet fixed,” he said. “We want to do this for two reasons – one is to delegate power from the MIC to the state and regional governments, and the second is that […]

President promises to set minimum wage

The government will propose a minimum wage this month, President U Thein Sein has announced. After a 60-day period for comments and objections, the government will then set the minimum wage in advance of the elections, he said. The president set out the timetable in a letter to parliament yesterday. Following extended discussions around the […]

Safeguard law to curb unfair imports planned

The Ministry of Commerce is preparing a law aimed at closing the widening trade deficit. The “Safeguard Law” will allow for countermeasures against unfair practices, such as instituting an anti-dumping taxes on those selling below cost to corner the market, and countervailing duties, which aim to neutralise foreign subsidies. Pyithu Hluttaw representative U Win Myint, […]

In Hkamti, the slow death of a river

Upper Myanmar’s Chindwin River, a tributary to the great Ayeyarwady, is choking to death – on gold. As it flows through Sagaing Region’s Hkamti township, rich in natural treasures, it is fouled with red sludge and spoil, the ruins of former and active mines and diggings. The villages of Hman Bin, Phaung Sai, Kaung Hmu, […]