August 19, 2016

Medium-Term Debt Management Strategy presented to Pyidaungsu Hluttaw

Members of the parliament arrive to attend the meeting of Pyidaungsu Hluttaw yesterday morning.
Members of the parliament arrive to attend the meeting of Pyidaungsu Hluttaw yesterday morning.

THE Pyidaungsu Hluttaw heard a message sent by the President on the release of the Medium-Term Debt Management Strategy yesterday.
Deputy Minister for Finance and Planning U Maung Maung Win presented matters related to reviling the plan to the parliament, saying that it is required to better manage public borrowing to ensure the country’ economic development, peace and stability.
The deputy minister said the objective of the debt management strategy is to ensure the government’s financing needs and payment obligations at the lowest possible cost consistent with a prudent degree of risk and promote the domestic market for government securities.
The Treasury Department was formed to implement sound debt management and the Public Debt Management Law was enacted, said the deputy minister.
He added the medium-term debt management strategy developed for at least the next three fiscal years must seek parliamentary approval before the plan is made known to the public according to section 10 of the Public Debt Management Law.  According to the deputy minister, debt management activities and government borrowing will be implemented in accordance with the strategy approved by the parliament.
Next, Vice-Chairman of Public Accounts Joint Committee U Aung Min and Joint Bill Committee Secretary Dr Myat Nyana Soe read out the 2016-2017 Union Budget (Amendment) and Bill amending the 2016 Union Budget Law.
Then seven lawmakers debated a proposed US$100 million loan from the World Bank. The Speaker announced that a decision on the proposed loan would be made on the sixth day session of the Pyidaungsu Hluttaw.
During yesterday’s session the Pyidaungsu Hluttaw agreed on the appointment U Bo Bo Nge as a member of the Board of Directors of the Central Bank of Myanmar.


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