Second Pyidaungsu Hluttaw 13th regular session held its 22nd-day meeting at yesterday where US$ 185 million loan from Asian Development Bank (ADB) was explained, Education Research, Planning and Training bill and Fiscal Year 2019-2020 National Planning bill approved, the Central Bank of Myanmar (CBM) report, CBM explantion and discussion of the the Hluttaw put on record.
US$ 185 loan from ADB
At the meeting $185 million loan from Asian Development Bank for Ministry of Agriculture, Livestock and Irrigation to implement public development projects sent by the President was explained by Deputy Minister for Agriculture, Livestock and Irrigation U Hla Kyaw and Deputy Minister for Planning and Finance U Maung Maung Win.
Deputy Minister U Hla Kyaw explained that the aim of the project was for the public to participate in the regional development works raising their income and living standard while improving their ability to face and counteract to natural disasters.
The project design was drawn up by experts from the World Bank and Department of Rural Development after conducting preliminary surveys for a year in 2018. The project design costs $ 244.95 million and the project period was planned to be conducted for seven years from 2019-2020 to 2025-2026.
The project area covers 17 townships; Haka, Falam, Tiddim and Thantlang in Chin State; Kalewa, Mawlaik, Mingin and Phaungpyin in Sagaing Region; Leshi, Lahe and Nanyun in Naga Self-Administered Zone; Thayetchaung, Yebyu and Launglon in Taninthayi Region and Bogale, Pyapon and Labutta in Ayeyawady Region, said the Deputy Minister.
The proposed project’s loan period was 32 years with 8 years grace period and interest during grace period is only 1 per cent. In the remaining 24 years the interest would be 1.5 per cent. Loan repayment and interest will be drawn up in the yearly budget and will be repaid with the approval of Union Government and Pyidaungsu Hluttaw.
The project will support the country’s agriculture development policies and works. By conducting the project benefits such as infrastructure development in natural disaster prone villages, development in livelihood works and incomes of poor families and increasing the capacity of government organizations and rural people in responding and countering to natural disasters will be achieved. A population of about 1.81 million residing in 2,942 villages of the 17 townships will benefit from the project. A total of 1,395 local youths will be appointed as chief public organizers creating job opportunities as well. It was for these reasons that the US$ 185 million ADB loan was proposed, explained the Deputy Minister.
Deputy Minister for Planning and Finance U Maung Maung Win explained that the project was in accordance to Fiscal Year 2018-2019 Union Budget Law, Public Debt Management Law, 2018 Mid-term debt management strategy and policy on development aid. Furthermore it was also found to be in line with Myanmar Sustainable Development Plan (2018-2030) strategy 3.1 and strategy 3.6.
From the view point of planning and finance, development of the country’s GDP was to be supported by raising the income and living standards of rural families through people’s participation in regional development works as the project aims.
Only then can the work processes of rural development and poverty reduction implemented by the country be successful and also implement United Nations’ Sustainable Development Goals. Furthermore it was important for project funds to be used effectively for the real development and progress of local people’s socio economic lives. Project implementers need to use the minimum on consultant fees, administrative and management costs, office expenses, meeting and training expenses.
The loan was made not with the sole purpose of achieving economic benefits alone but as a development loan type that develop the country’s economy. The loan repayment was to be made long term from income of the country. Development in GDP is increasing the country’s income and the loan repayment capability will be improved. Project works must be conducted to support GDP growth of the country and project progress need to be reported regularly. In conclusion the Deputy Minister requested the Hluttaw to discuss and approve the loan.
Following the explanation by the Deputy Ministers, Pyidaungsu Hluttaw Speaker U T Khun Myat announced for Hluttaw representatives who want to discuss the matter to register their names.
Hluttaw approves Education Research, Planning and Training Bill
Next Joint Bill Committee member U Nay Myo Tun submitted and proposed by clauses of the Education Research, Planning and Training Bill in which the two Hluttaws were in disagreement and Pyidaungsu Hluttaw Speaker obtained the consensus of the Hluttaw and approved it.
CBM Report, explanation of CBM and discussion of Hluttaw representatives put on record
Afterwards Central Bank of Myanmar’s Deputy Governor U Soe Min provided additional explanation on Central Bank of Myanmar Financial Policy Implementation Report and Financial Stability Report for Fiscal Years 2016-2017 and 2017-2018.
Following the explanation by CBM Deputy Governor, Pyidaungsu Hluttaw Speaker announced the Hluttaw putting on record the CBM Report, explanation of CBM and the discussion of the Hluttaw representatives.
Hluttaw approves Fiscal Year 2019-2020 National Planning Bill
Joint Bill Committee member U Zaw Win then proposed by clauses of the Fiscal Year 2019-2020 National Planning Bill and Pyidaungsu Hluttaw Speaker approve it after obtaining the consensus of relevant union level organizations.
Amendments to the bill was explained and proposed by Joint Bill Committee member U Zaw Win and U Than Soe (a) Than Soe (Economic) of Yangon Region constituency 4 explained the clauses to be amended. Pyidaungsu Hluttaw Speaker then obtained the decision of the Hluttaw and approved it.
Finally Deputy Minister for Planning and Finance U Maung Maung Win tabled a motion for the entire bill to be approved as discussed. Pyidaungsu Hluttaw Speaker announced the Hluttaw’s approval of the entire bill as discussed after obtaining the decision of the Hluttaw.
The 23rd-day meeting of Second Pyidaungsu Hluttaw’s 13th regular session will be convened on 12 September.— Aung Ye Thwin, Aye Aye Thant (Translated by Zaw Min)