Description:
" The Pyidaungsu Hluttaw hereby enacts this Law.
1. This Law shall be called the Law Amending the Public Debt Management Law
(Third Amendment).
2. All references to the term “Ministry of Planning, Finance and Industry” in the
Public Debt Management Law shall be replaced with the term “Ministry of Planning,
Finance, and Investment of the National Unity Government.”
3. Section 2(b) of the Public Debt Management Law shall be substituted with the
following:
“(b) Government means the National Unity Government of the Republic of the
Union of Myanmar, and any successor government thereof.”
4. The following definitions shall be inserted after section 2(u) as sections (v) and
“(v) Illegal military council means the designated terrorist entity that has seized
State power illegally and established itself as 'State Administration
Council', or any successor entity thereof.
“(w) Restricted Entity means any entity, company, enterprise, department,
agency, ministry or a person under direct or indirect control or ownership of
the illegal military council.”
5. The first sentence of section 3 of the Public Debt Management Law shall be
substituted with the following:
“3. No person may borrow money on behalf of the State from any lender,
domestic or foreign, without the approval of the Government, for the
following matters:"
6. Section 16 of the Public Debt Management Law shall be substituted with the
following:
“16. Borrowing through the issuance of government securities in the domestic
market shall only be carried out with the written approval of the
Government.”
7. Section 17 of the Public Debt Management Law shall be substituted with the
following:
“17. Borrowing through the issuance of government securities abroad shall only
be carried out with the written approval of the Government.”
8. Section 18(a) of the Public Debt Management Law shall be substituted with the
following:
“(a) Borrowing through concluding loan agreements, whether within Myanmar
or abroad, shall only be carried out with the written approval of the
Government.”
9. The first sentence of section 18(b) of the Public Debt Management Law shall be
substituted with the following:
“(b) No person may undertake the following on behalf of the State without the
approval of the Government.”
10. Section 44(a) of the Public Debt Management Law shall be substituted with the
following:
“(a) The Ministry may issue rules, regulations and by-laws with the approval of
the Government.”
11. The following sections shall be inserted after section 45 of the Public Debt
Management Law as Sections 46 and 47 respectively:
“46. Any borrowing, debt or liability incurred by, or on behalf of, a Restricted
Entity on or after 1 February 2021 shall not constitute a Government Debt
or, Public Debt or Publicly Guarantee Debt. All agreements, instruments or
guarantees entered into by, or on behalf of, a Restricted Entity in
connection with such borrowing, debt or liability shall have no binding legal
effect on the State or the Government.
“47. No claims shall be made against the State or the Government or any
successor body in connection with any borrowing, debt, liabilities or debt
servicing of a Restricted Entity.”..."
Source/publisher:
Committee Representing Pyidaungsu Hluttaw (CRPH)
Date of Publication:
2021-06-14
Date of entry:
2021-06-15
Grouping:
- Individual Documents
Category:
Countries:
Myanmar
Language:
English
Local URL:
Format:
pdf
Size:
38.91 KB
Resource Type:
text
Text quality:
- Good
Remote URL:
fbml (English + Burmese versions)