Parliament gathered today to discuss claimsthat Myanmar did not settle its debts to the World Bank at least partially due to accusations that the government is storing US$11 billion in foreign bank accounts.
According to the agenda for the third day of an eight-day joint sitting of both houses, parliament will deliberate the issue and offer an explanation through union-level institutions and officials.
On 14 September, local media outlet Daily Eleven ran an article titled “Country’s Alleged Possession of US$ 11 Billion In Foreign Bank Accounts Should Seek Solution From People.”
The article went on to report that the Myanmar government has over US$11 billion stored in five foreign bank accounts and that, because of this, the World Bank refused to write off Myanmar’s outstanding debts.
However, Central Bank Governor Kyaw Kyaw Maung offered a statement on these accusations at a press conference in Naypyitaw on 20 September before parliament met to officially address the matter. In his address, he denied the existence of the foreign accounts and noted that the Myanmar government only holds US$7 billion in offshore banks as reserve funds.
News outlets are awaiting an official comment on the issue from parliament.
