MPs criticise govt for $100-million loan agreement with China
The Myanmar government signed a loan agreement on Friday to borrow US$100 million (Bt3.1 billion) from Chinese state-owned Export-Import Bank (EXIM Bank), despite criticism from some parliamentarians over the high-interest rate.
China EXIM Bank offered to lend Myanmar $100 million at a 4.5 percent annual interest rate. Some MPs protested against taking the high interest-rate loan, but Parliament finally approved it on August 22.
On October 18, Nyi Hla Phyu, director-general of Myanmar Foreign Trade Bank, and Mei Jianping, deputy general manager of China EXIM Bank, signed the $100-million loan agreement in Nay Pyi Taw.
Nyan Tun, vice president of Myanmar, and senior officials on both sides, attended the signing ceremony.
The Myanmar government said the loan would be used for micro-credit programmes in rural areas and upgrading cooperatives. Kyaw San, Minister for Cooperatives, and Win Shein, Minister for Finance also attended the signing ceremony.
