Myanmar halfBurma half
Myanmar's debts are half covered by hydrocarbons.
av _abdm = _abdm |||| ;_abdm.push(["1512023572", "InPage", "1512024292", "InPage_1512024292"]); var _abdm = _abdm |||| ;_abdm. push (["1512023572", "InPage", "1512024269", "InPage_1512024269"]); Although the petroleum and natural-gas industry is the highest source of income for the nation, it is also accountable for the acceptance of half of the credits taken out by the nation, said Daw Moe Moe Tun, representing the Extractive Industries Transparency Initiative (EITI) during the publication of its Myanmar Trans atlantic Policy.
"Myanma MOGE' s sales share to the state is the highest at 47.5 per cent. It is also to blame for half the country's debts. Burma has taken out credits for many off-shore ventures such as the building of pipelines, mainly from China," she said. China currently owing Myanmar 850 million dollars for the Southeast Asia crude petroleum production joint venture, 560 million dollars for the Southeast Asia natural gas joint venture and the Shwe off-shore development joint ventures, 243 million dollars for the Yadana-Yangon indigenous joint venture and 80 million dollars for an on-shore petroleum production joint venture, according to the debts schedule.
"The primary cause for Chinese borrowing for the China gas pipelines was that the US imposed US penalties at the tim. They were borrowed at 4.5 percent interest with a five-year redemption free and 30 year repayment period," said Mr Than Htay Aung, MOGE engineer and Myanmar Extractive Industries Transparency Initiative official.
MOGE has so far taken out up to 1.9 billion dollars in loan finance from China, Japan, Thailand and India. By March 2016 MOGE had paid back 137.4 million dollars of its entire debts. Burma began to repay its credit to China in 2015 and will remain owing to the Chinese until 2031, provided it is compatible with its redemptions.
From 2023 to 2053, Myanmar will repay a Japan International Cooperation Agency lending.