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JICA loans worth Ks358bn approved

Loans from the Japan International Cooperation Agency, totalling 31.051billion yen (Ks358.39bn) were approved during the 6th Day Meeting of the 2nd Pyidaungsu Hluttaw, 3rd Regular Session to fund the economically vital Thanlyin Bridge project that will span the Bago River, the finance ministry said.

“Thanlyin Bridge No. 3 is the main one linking to the Thilawa Special Economic Zone and will be a major bridge for transportation and operating border-crossing trade with countries in the Mekong Region and ASEAN countries in the years to come”, said U Maung Maung Win, the deputy minister for Planning and Finance. “It will be beneficial not only for Yangon Region but also for the whole nation, becoming the source of catching national revenue.”

Another official pointed out that the bridge would directly generate revenue for national coffers.

“Upon completion of the bridge, toll charges are to be collected at fixed prices and the earnings will be paid to the National Revenue. For these, revenues will accrue annually in national income. And it will make vehicles reduce the consumption of oil, making it economically beneficial as it can save much time — at least one hour on the bridge while passing through the bridge”, said U Win Khaing, the Union Minister for Construction.

The Pyidaungsu Hluttaw then announced that it recorded the draft on the amendment of law on civil service and it has been sent to the President.

Afterward, Major-General Aung Soe, deputy minister for Home Affairs, praised the country’s efforts in eliminating human trafficking. “Myanmar’s participation in the ASEAN convention of Eradication of Human Trafficking will bring about an upgrade in protection of human rights, especially for women and children, and provide enjoyment of free and fair treatment and increased cooperation among the member countries, especially more benefits for Myanmar overseas migrant workers”, Major-General Aung Soe said. The Speaker of Hluttaw asked Hluttaw representatives for their reaction to the loans from JICA.

“Taking loans at a low interest rate from international monetary institutions to fulfil the needs of infrastructure for national development has been approved, and it needs to choose the projects which will be really beneficial for the people, to constantly check them, to closely supervise and to regularly analyse”, said U Soe Thein of constituency 9 of Kayah State.

“Farmers, who make up 70 per cent of the populace and live on agriculture, play an important role of developing the country. The present loan will help lend long-term agricultural loans and will help develop increased production in the agricultural sector, create job opportunities and offer economic stability”, said Daw Wint Wah Htun of Shartaw constituency.

Source: The Global New Light of Myanmar

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