October 20, 2017

Pyidaungsu Hluttaw mulls US$125 million loan for natural disaster relief

Hluttaw Representatives depart from the first day of the 5th regular meeting of Pyidaungsu Hluttaw in Nay Pyi Taw yesterday.  Photo: MNA

The Pyidaungsu Hluttaw held its 5th regular meeting yesterday, declaring that it would focus on the issue of borrowing US$125 million from the World Bank for the South East Asia Disaster Risk Management project, and signing the agreement on founding the Asia Region Forest Cooperation Organization.
In his opening address, Speaker of Pyidaungsu Hluttaw Mahn Win Khaing Than called on the Union Government, the parliament, the Tatmadaw, ethnic armed organisations, political parties and civil society organisations to keep on playing their respective roles in marching towards a federal democratic nation.
Following a clarification on using more than Ks11.3 billion from the reserve fund for unexpected natural disasters by Deputy Minister for Agriculture, Livestock and Irrigation U Hla Kyaw, Pyidaungsu Hluttaw approved and documented the spending. The ministry provided more than Ks4.664 billion to farmers who lost crops due to floods last year and spent Ks2.471 billion on repairing and rebuilding bridges and roads damaged by the disaster. The issue of borrowing US$125 million from the World Bank for the South East Asia Disaster Risk Management project was also discussed.
According to loan regulations, the service charge of 0.75 per cent per year will be postponed for six years, and the repayment period is 32 years.
Thus, the long-term loan without interest can last for a total of 38 years.
Regarding the proposal sent by the president to the parliament yesterday, Deputy Minister U Maung Maung Win clarified that the Yangon City Development Committee, which would spend US$104 million on its water supply project, supplying 40 million gallons of water per day beginning in fiscal year 2021-2022. “The YCDC has a target of earning Ks14.6 billion per year from selling 10 million gallons of water per day to the Thilawa Special Economic Zone and would give back loans to the World Bank,” said the deputy minister.
Meanwhile, Ministry of Planning and Finance would handle US$20 million, he added.— Myanmar News Agency

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