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Myanmar’s interim government of national unity has warned foreign banks not to lend to General Min Aung Hlaing’s board, saying it will not recognize the debt once it regains power.
The warning was issued by the Finance Minister of the parallel government formed by supporters of Aung San Suu Kyi, the overthrown leader of the country. He said financial institutions should follow foreign investors to boycott the military regime.
“The NUG government will not recognize any domestic or international debt collected by the board,” Tin Tun Naing told the Financial Times in a video interview from Myanmar.
“If the military has credit problems and takes out loans from some volunteer lenders, when the NUG comes to power, that debt will not be honored.”
Tin Tun Naing also said the parallel government wanted to take over control of $ 1 billion of Myanmar’s government funds in the United States that Washington froze after the military took power.
“If we get access to the $ 1 billion, if it doesn’t freeze, that would make a big difference in humanitarian assistance and in trying to rebuild the lives and livelihoods of our people,” Tin Tun Naing said.
However, he acknowledged that this was a “legally complicated area” and that it was part of an “ongoing dialogue” with U.S. officials.
The NUG was formed in April by deputies from the National League for Democracy by Suu Kyi, who was forced from power in the February coup, along with ethnic minorities and other figures against the hidden coup or in exile.
The board has described both NUG and its recent defense of the “popular defense force” of terrorist groups. He has issued arrest warrants for NUG ministers.
No foreign government has formally recognized the parallel government. However, MPs and officials from various countries have engaged with their representatives as they seek a solution to Myanmar’s deep political and economic crisis.
More than three months after the coup, the Board has done so killed 785 people and arrested about 5,000, according to the Political Prisoners Assistance Association. Despite the repression, a civil disobedience movement it continues to organize protests and strikes aimed at weakening the Board and paralyzing banking and business.
“They underestimated people,” Tin Tun Naing told FT. “They didn’t expect people to reject them so strongly.”
He said the military regime “was already experiencing liquidity problems” and had postponed quarterly pension payments as well as benefits for the elderly and disabled.
Opponents of the regime and international human rights groups want international companies to deprive the board of all revenue to force them out of power.
They have managed to pressure foreign investors, including the Japanese Do and that of South Korea Posco, to withdraw from joint ventures with military-controlled conglomerates.
The NUG also wants oil and gas and telecommunications companies will withhold taxes, licenses and other payments to the military government by depositing them. Companies have pointed out that doing so would put their local staff at risk of processing and jeopardize their services.
“The NUG is professional and has no intention of disrupting the business of these companies,” Tin Tun Naing said. “I’m not asking them to cease operations.”
However, he rejected the notion that companies would have legal repercussions for keeping their payments to the scheme in custody. “The military will think twice about doing it to a powerful multinational with a powerful government behind it,” he said.
Follow John Reed on Twitter: @JohnReedwrites
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