The Myanmar junta has had to suspend development projects because it has not received any new foreign loans since taking power in the February 2021 coup, according to junta spokesman, Major General Zaw Min Tun.

“Abiding by the rules of our government we did not take new loans”, he said.

He added that the junta had been carrying out development work in the country without taking foreign loans and grants, whereas previous governments had received international loans and development aid that had played a crucial role in developing the country.

But, though the junta has taken out no new loans, it will still have to pay back development loans taken out by previous governments.

Zaw Min Tun said: “Our government is responsible for the repayment of these loans and the interest on them.”

He claimed that the junta has already made loan repayments of $1.495 billion USD