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Myanmar’s parallel finance minister has warned that he will not pay the board’s debts

Myanmar’s parallel finance minister has warned that he will not pay the board’s debts


Myanmar’s interim national unity government has warned foreign banks to lend to General Min Aung Hlaing’s junta, saying it will not recognize the debt once it regains power.

The warning was issued by the Minister of Economy and Finance parallel government Composed of supporters of Aung San Suu Kyi, the country’s leader. He said financial institutions should follow foreign investors to boycott the military regime.

“The NUG government will not recognize any internal or international debt created by the junta,” Tin Tun Naing told the Financial Times in a video interview inside Myanmar.

“If the military has credit problems and takes out loans from some willing lenders, when the NUG comes to power, that debt will not be accepted.”

Tin Tun Naing also said he wanted to take on a parallel government $ 1 billion control According to U.S.-funded Myanmar government funds, Washington froze after the military took power.

“If we are able to raise billions of dollars, if it doesn’t freeze, that would make a huge difference in humanitarian aid and trying to rebuild the life and way of life of our people,” Tin Tun Naing said.

However, he acknowledged that this is a “legally complicated area” and part of an “ongoing dialogue” with U.S. officials.

The NUG was founded in April by parliamentarians from Suu Kyi’s National League for Democracy forced from power in the February coup, along with ethnic minorities and other people opposed to the coup that were in hiding or in exile.

The junta has called the NUG and the recently announced “people’s defense force” a terrorist group. NUG has issued arrest warrants to ministers.

No foreign government has formally recognized parallel governments. However, lawmakers and officials from several countries have contacted their representatives while Myanmar is looking for a solution that deepens the political and economic crisis.

More than three months after the coup, the board has done so It killed 785 people and nearly 5,000 detainees, according to the Political Prisoners Support Association. Despite repression, a the movement of civil disobedience protests and strikes continue to weaken the junta and aim to ruin banks and businesses.

“They underestimated people,” Tin Tun Naing told FT. “They didn’t expect people to reject it so harshly.”

He noted that the military regime is “already experiencing liquidity problems” and has delayed quarterly payments of pensions, as well as benefits for the elderly and disabled.

Opponents of the regime and international human rights groups want international companies to force the junta to remove all revenue from power.

They have managed to put pressure on foreign investors, including Japanese Do it and South Korea Posco, to get out of joint ventures with military-controlled conglomerates.

NUG wants it too oil and gas and putting telecommunications companies under bond to the military government to withhold taxes, licenses and other payments. The companies stated that doing so would put their employees at risk of prosecution and jeopardize their services.

“NUG is in favor of the business and has no intention of suspending the business of these companies,” Tin Tun Naing said. “I’m not asking them to cancel their operations.”

However, he ruled out the possibility that the companies would have legal consequences for complying with payments to the scheme. “The military will think twice about doing this with a powerful multinational with a powerful government behind it,” he said.

Follow John Reed on Twitter: @JohnReedwrites





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