National Unity Government: Ministry of Planning, Finance and Investment - Announcement 1/2023

Sub-title: 

Announcement regarding illegal issuance, sale and distribution of government securities

Description: 

"1. It has come to the attention of the Ministry that the illegal military council, a designated terrorist organisation, through its subordinate institutions, have been raising desperately needed funds in the form of public debt through quarterly sale of government securities in the domestic market in order to perpetuate their illegal and tenuous hold on power and to prosecute their murderous reign of terror against the people; and that the auction calendar for the second quarter of the fiscal year 2023/2024 is as follows: 2. Pursuant to the Law Amending the Public Debt Management Law (Third Amendment), the Pyidaungsu Hluttaw Law No 4, 2021), all activities pertaining to the issuance, sale and distribution of government securities shall be conducted only with the express approval of the National Unity of Government. Any auctions of debt conducted without the approval of the National Unity Government shall result in no lawful liability on the State or the Government, and shall give rise to no valid claim against the State or the Government, as delineated under the following sections of the Law: Section 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 Guaranteed 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 of the Government. Section 47: No claims shall be made against the State of the Government or any successor body in connection with any borrowing, debt, liabilities or debt servicing of a Restricted Entity. 3. It is hereby further reiterated that no legal claim shall be levied against the State or the Government in association with the debts accrued through government securities, raised by the illegal military council and its subordinate institutions, from or after 1 February 2021..."

Source/publisher: 

Ministry of Planning, Finance and Investment - NUG

Date of Publication: 

2023-06-28

Date of entry: 

2023-06-28

Grouping: 

  • Individual Documents

Category: 

Countries: 

Myanmar

Language: 

English

Local URL: 

Format: 

pdf

Size: 

46.85 KB

Resource Type: 

text

Text quality: 

    • Good