August 18, 2016

Pyidaungsu Hluttaw approves $200m loan from World Bank for three ministries

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THE Pyidaungsu Hluttaw has approved a US$200 million loan from World Bank for the Ministries of Construction; Agriculture, Livestock and Irrigation; and Planning and Finance during its 23rd-day session yesterday.
The $200 million loan will be used for development undertakings of the three ministries, allotting $115 million to the reconstruction of disaster-resistant transport infrastructure and project management under the construction ministry; $70 million to the Ministry of Agriculture, Livestock and Irrigation for renovation work on rural transport infrastructure; and $15 million to the planning and finance ministry’s fund for disaster relief and support.
In his comments on the bill, military MP Lt-Col Myo Khaing Aung called for the implementation of projects that meet international standards and focus on the durability of infrastructure.  Daw Khin San Hlaing of Pale Constituency welcomed the proposed spending on undertakings for the recovery of victims of disasters in 2015, stressing the need to present biannual reports on the ministries’ progress to the Pyidaungsu Hluttaw. The World Bank’s terms and conditions for the $200 million interest-free loan include a six-year concession period with a 32-year repayment term, plus an annual service charge of 0.75 per cent.
Also during yesterday’s session, U Kyaw Tint Swe was sworn in as Union Minister for the Office of the State Counsellor before the Pyidaungsu Hluttaw, and an MP submitted a proposal to rename the Ministry of Health as the Ministry of Health and Sports and to rename the Ministry of Ethnic Affairs as the Ministry of Nationalities Affairs.
Vice governor of the Central Bank of Myanmar Daw Khin Saw Oo reported to the Pyidaungsu Hluttaw on the CBM’s K500 billion loan  to be disbursed to farmers during the 2016-2017 fiscal year. Union Minister for Agriculture, Livestock and Irrigation Dr Aung Thu said his ministry will borrow the K500 billion loan from the Bank before the rainy season, and the two organisations will coordinate to meet the terms and conditions of the loan.
Parliamentary approval on the loan from the CBM will be sought on 23 May.


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