With more than 21,000b Kyats of national debts, govt repay 700m $ every year
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Khit/Myo Gyi (NP News) – July 2
Government is repaying approximately 700m USD of accumulated interests and initial principals every year since the country has more than 21,000b MMK of both external and domestic debts, Major General Zaw Min Tun told during the press conference held in Naypyidaw on July 1.
National debts of either internal or external from 2011-12 FY to 2018-19 FY were more than 16,000b MMK. He continued that residues of the internal debts have been increasing year after year from 2016-17 to 2020-21 FY with the growth of deficits in the Union budget annually.
“Annual revenues and expenditures brought budget deficits, highest in 2019-20 FY. The previous government sold the government’s bonds and treasuries and borrowed from the CBM in order to cover the shortfall. Consequences occurred as external and internal debts increased every year. Therefore, it is necessary to consider debt resistance in the long run,” said Maj. Gen. Zaw Min Tun.
Current SAC government is taking responsibility to repay USD 700m of accumulated interests and the initial principals every year, plus to revive the declining economy, he added.
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