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With U Set Aung in charge, no excuse for Kyaukphyu to repeat Thilawa’s rights abuses

Chair of Thilawa Special Economic Zone Management Committee (TSMC) is now also at the helm of Kyaukphyu’s SEZ body. Given that there is now an SEZ precedent to learn from, U Set Aung should ensure Kyaukphyu does not repeat the human rights abuses and lack of transparency in which Thilawa was mired. U Set Aung, […]

New Chair of Kyaukphyu SEZ Wary of Chinese Loans

YANGON — Myanmar will endeavor to take on no loans from China to complete the Kyaukphyu Special Economic Zone (SEZ) but would offer the developer no sovereign guarantees to mitigate risk if it does, said the project’s new chairman, seeking to allay fears of a debt trap. Sean Turnell, an economic adviser to State Counselor […]

Deputy Finance Minister Named New Chair of Kyaukphyu SEZ

YANGON — Deputy Planning and Finance Minister U Set Aung has been appointed chairman of the Kyaukphyu Special Economic Zone (SEZ) Management Committee amid the government’s ongoing efforts to renegotiate its agreement with the project’s Chinese developer to give Myanmar a larger stake. The appointment took effect on May 8 and was approved by Vice […]

Government announces new MIC appointments, U Thaung Tun as new chair

The Union government on Saturday officially announced changes in the ranks of the Myanmar Investment Commission (MIC). According to notification (61/2018), U Thaung Tun, union minster of Ministry of the Office of the Union Government, formerly a member of the MIC, will now be the commission’s chair. Meanwhile, Dr Than Myint, Union Minister of Commerce, […]

Myanmar’s Planning and Finance Minister Submits Resignation

NAYPYITAW — Planning and Finance Minister U Kyaw Win has submitted his resignation to the president amid reports that he is being investigated by the Anti-Corruption Commission and the Bureau of Special Investigation (BSI), sources close to the matter told The Irrawaddy. Since last week, news reports have circulated alleging that the minister and his […]

JFE Meranti Myanmar to build $85M steel plant in Thilawa

Japanese steel maker JFE Meranti Myanmar held its ground-breaking ceremony at Zone B of the Thilawa Special Economic Zone (SEZ) to much fanfare last Friday. It is the first to commence operations at Zone B. “This ceremony is a symbol of the development in Myanmar-Japan bilateral cooperation and friendship,” Vice President U Henry Van Thio […]

Financial services among the fastest growing sectors in Myanmar

The financial sector rose the most among 15 sectors managed by the government in the first six months of the 2017-18 fiscal year, growing 22 percent as a result of the implementation of new financial services, U Set Aung, deputy minister of the Ministry of Planning and Finance, at Pyidaungsu Hluttaw meeting on Thursday. “If […]

SMEs voice frustration over confusing government policies as challenges mount

Small and medium enterprises (SMEs) are still struggling to compete and expand five years after U Thein Sein’s former government established a central committee to support the sector and after the Central Bank of Myanmar recently permitted banks to approve loans without collaterals. On top of limited access to capital, insufficient supporting infrastructure, high taxes […]

Central Bank of Myanmar approves loans without collateral

Local banks are now permitted to extend loans without the need for collaterals, U Set Aung, Deputy Minister at the Ministry of Planning and Finance, told The Myanmar Times at the 5th Asia SME Conference in Naypyitaw on October 14. “The Central Bank of Myanmar (CBM) has allowed local banks to provide loans without movable […]

Moderate level of inflation good for economy, say economic experts

A moderate level of inflation is good for the economy, whereas deflation has a negative impact on the country’s economy at a particular level, said U Maung Maung Win, deputy minister for Planning and Finance. What is important is to exert efforts to effectuate the development in economy, boost the livelihood of people and scale […]