Myanmar is due to receive over K703 billion in foreign aid and seek over K2,624 billion in foreign loans in 2019-2020 fiscal year that starts on October 1, according to the Joint Public Accounts Committee.
K0.167 billion in foreign aid and K0.166 billion in foreign loans are earmarked for central level organizations while K596.193 billion in foreign aid and 1,473.655 billion are for government ministries and departments.
Moreover, State-owned enterprises (inclusive within State budget) will spend K53.029 billion in foreign aid and K1,038.557 billion in foreign loans. State-owned enterprises (exclusive from State budget) will spend K3.078 billion in foreign aid and K101.383 billion in foreign loans.
The Central Bank of Myanmar is set to receive K51.217 billion in foreign aid and K11.072 billion in foreign loans.
Deputy Minister for Planning and Finance Maung Maung Win said until March 31 this year, Myanmar had a foreign loan of US$9.89 billion. Calculating in Myanmar kyat, both foreign and local loans amounted to K38,117 billion.
From 2015-2016 FY under the Thein Sein government to 2018-2019 FY under the ruling National League for Democracy government, the foreign debt amounted to K10,147 billion, bringing increased interest rates.
According to figures, Myanmar had K9,938 billion in domestic loans and K6,335 billion in foreign loans in 2011-2012 FY, K10,824 billion in domestic loans and K7,301 billion in foreign loans in 2012-2013, K12,014 billion in domestic loans and K9,561 billion in foreign loans in 2013-2014, K12,874 billion in domestic loans and K9,545 billion in 2014-2015, and K15,724 billion in domestic loans and K12,246 billion in foreign loans in 2015-2016.
