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Falling kyat may put pressure on foreign debt

The falling value of the Myanmar kyat versus the US dollar could make repaying external debt harder for the government in the coming fiscal year. In 2018-19, it is expected to repay K877 billion out of the $9 billion Myanmar owes to foreign creditors, according to the budget submitted for the period. That amount may […]

Myanmar accepts loan from Italy as foreign debt rises

Pyidaungsu Hluttaw has approved a €30 million interest-free loan from Italy which will be used to provide electricity to villages in Chin State and other rural areas in Myanmar. Under its agreement with Italy, Myanmar will begin repaying the loan over a period of 10 years starting 2036. The repayment amount will be €3 million […]

Govt racks up larger debt, but more is local

The NLD government has accumulated debt totaling K6.7 trillion during the duration it has been in power, according to documents supporting the 2018-19 Budget. That’s more than half the K11.7 in debt racked up by U Thein Sein’s former administration during its entire five-year term. However, while U Thein Sein’s Union Solidarity and Development Party […]

Myanmar’s Foreign Debt Now $5 Billion

Myanmar has over $5 billion in outstatnding foreign debt to the World Bank, Asian Development Bank and Paris Club members, a top officials said. When President U Thein Sein’s government took office in 2011 the debt amount was $11 billion, Dr Zaw Oo, economic advisor to the president, said. Of the $5 billion, $4 billion […]