Myanmar’s auditor general cautions own govt against Chinese loans
In a startling announcement, Myanmar’s auditor general has cautioned government officials about continued reliance on Chinese loans both pre-BRI and BRI loans that come with high rates of interest."The truth is the loans from China come at higher interest rates compared to loans from financial institutions like the World Bank or the IMF [International Monetary Fund]," Auditor General Maw Than said. "So, I would like to remind the government ministries to be more restrained in using Chinese loans."Myanmar's current national debt stands at about $10 billion, of which $ 4 billion is owed to China, Auditor General Maw Than told reporters in Naypyidaw on Monday. This can push Myanmar to debt trap like Sri Lanka and some African states. The country has to repay as much as $500 million annually t