The Union Parliament passed resolution not to approve Euro 70-million loan sought by Yangon City Development Committee (YCDC) for Yangon urban development work projects, at its session convened on December 13.

The resolution got 34 favour, 49 against and 6 abstentions.

This is the first ever case of turning down a loan proposal presented by union government to parliament within nearly three years during the tenure of NLD government in parliament which is controlled overwhelmingly by NLD legislators.

Union Ministry of Planning and Finance presented the loan for implementing urban development projects in Yangon of transport, development along Yangon River banks, protection and conservation of cultural and heritage buildings, to parliament on November 12. This is the strategic plan of YCDC and the city development committee wants to borrow money from France’s AFD.

An Annual Loan Report prepared by Union Government for 2017-18 Financial Year says the country has outstanding foreign debt of over US$ 10 billion.