Hluttaw reviews €70m loan to better Yangon
Hluttaw reviews €70m loan to better Yangon
Myanmar Times, 27 Nov 2018
URL: https://www.mmtimes.com/news/hluttaw-reviews-eu70m-loan-better-yangon.html
The Pyidaungsu Hluttaw (bicameral parliament) has postponed the approval of a €70 million (K126 billion) loan from the French Development Agency for urban development in Yangon Region as it needs further review.
Speaker U T Khun Myat told the parliament on Monday that the loan needs to be reviewed because some Yangon Region MPs opposed the projects and need more information.
Monday’s agenda was to have included consideration of the loan for approval, but this was postponed.
Parliament’s Joint Public Accounts Committee will now meet with the agencies that will use the loan and submit a report before December 3.
“We will discuss how effective the loan will be with the Yangon Region government,” U Aung Min, Pyithu Hluttaw (lower house) MP for Zalun township and Joint Public Accounts Committee member, said.
He added that the projects to be implemented with the loan, such as reducing traffic congestion and alleviating flooding, are necessary.
However, U Khin Maung Maung, MP for North Dagon Township, criticised the loan, saying, “Parliament cannot simply rubber-stamp loans for the government.”
Daw Yin Min Hlaing, MP for Gangaw township in Magwe Region, said more details are needed about the management and expenses of the projects planned under the loan.
“The Yangon City Development Committee spent K47 billion for creek maintenance last year, and K27 billion is expected to be needed this year, so will it still use the money from the loan? I would like more details,” she said.
U Maung Maun Win, deputy minister of Finance and Planning, speaking on behalf of the regional government and YCDC, said the city will repay the loan with the income generated from these projects. “The loan will be repaid with income generated from renting and selling land plots, parking spaces, buildings and shop stands that will be set up with money from the loan,” he said.
Speaker U T Khun Myat told the parliament on Monday that the loan needs to be reviewed because some Yangon Region MPs opposed the projects and need more information.
Monday’s agenda was to have included consideration of the loan for approval, but this was postponed.
Parliament’s Joint Public Accounts Committee will now meet with the agencies that will use the loan and submit a report before December 3.
“We will discuss how effective the loan will be with the Yangon Region government,” U Aung Min, Pyithu Hluttaw (lower house) MP for Zalun township and Joint Public Accounts Committee member, said.
He added that the projects to be implemented with the loan, such as reducing traffic congestion and alleviating flooding, are necessary.
However, U Khin Maung Maung, MP for North Dagon Township, criticised the loan, saying, “Parliament cannot simply rubber-stamp loans for the government.”
Daw Yin Min Hlaing, MP for Gangaw township in Magwe Region, said more details are needed about the management and expenses of the projects planned under the loan.
“The Yangon City Development Committee spent K47 billion for creek maintenance last year, and K27 billion is expected to be needed this year, so will it still use the money from the loan? I would like more details,” she said.
U Maung Maun Win, deputy minister of Finance and Planning, speaking on behalf of the regional government and YCDC, said the city will repay the loan with the income generated from these projects. “The loan will be repaid with income generated from renting and selling land plots, parking spaces, buildings and shop stands that will be set up with money from the loan,” he said.