Myanmar to spend $ 1.7 billion in aid and loan on next financial year's projects

Myanmar to spend $ 1.7 billion in aid and loan on next financial year's projects

Published on Saturday, 22 March 2014 21:06

EU officers giving training to Myanmar police in Yangon (Photo-Myo Min Htet/EMG) 

Myanmar will spend a foreign loan of US$ 1,533.692 million and a foreign aid of US$ 218.987 million on a wide range of projects for the next financial year, according to a parliamentary source.

During yesterday's session of Union Parliament in Nay Pyi Taw, the Union Minister for Finance, Win Shein, submitted the union budget bill for the fiscal 2014-15, which include loans, aids and spending. 

The upcoming projects will reportedly spend the foreign loans and aid on buying vehicles used for cracking down on riots, improving the computer technology, extending fiber cables and microwave connections, building VTMS stations in the Yangon port area, a modern port in Mandalay, and buying equipment and machinery for a petrol chemical factory (Mann). 

The money will also be spent on buying three, ferry boats for Inland Water Transport, upgrading Dalla Ship Yard in Yangon, purchasing new watercraft, building a general cargo port in Thilawa and buying an ATR 72 (600), a Cessna  208 B and an Air Bus A 320 for Myanmar Airways. 

Regional development tasks such as education, health and road construction will be implemented with the use of foreign aid in the country's states and regions, including Chin and Rakhine states and Naga region. 

The loans and aids will also be used for buying machinery for hydropower projects, establishing more border gates for the immigration and registration department, installing computers and providing technology in regional government offices. 

According to the budget bill, the overseas aids will be earmarked for other matters such as establishment of vocational training schools and conducing technological training, giving education on agricultural methods and use of the system of nutrient manager for rice.

http://www.information.myanmaronlinecentre.com/myanmar-to-spend-1-7-billion-in-aid-and-loan-on-next-financial-years-projects/