August 18, 2024

Following the visit of Chinese Foreign Minister Wang Yi to Myanmar on August 14, 2024, reports have surfaced that the Chinese government has allegedly extended a $3 billion loan to the Myanmar military junta. In response to these reports, U Tin Tun Naing, the Minister of Planning, Finance, and Investment of the National Unity Government (NUG), issued a statement on social media.

U Tin Tun Naing stated that the NUG will formally inquire with the People’s Republic of China to verify the accuracy of these reports. He emphasized that public debt can only be legitimately incurred by a government that has been freely and fairly entrusted with governance by the people. He pointed out that a violent and unlawful entity, such as the military junta, has no legitimate authority to contract public debt on behalf of the people.

The NUG had previously enacted the “Public Debt Management Law” on June 14, 2021, which has since been amended. This law explicitly states that any debts contracted by the military junta will not be recognized as public debt, and neither the NUG nor its successor governments will be responsible for repaying such debts.