Myanmar’s interim national unity government has warned foreign banks against backing Min Aung Hlaing’s junta, saying it will not recognize it once it returns to power.
This warning was given by the finance minister Parallel government Fallen leader Aung San Suu Kyi is made up of supporters. He said financial institutions should follow foreign investors in boycotting military rule
In a video interview inside Myanmar, Tin Tun Ning told the Financial Times, “The NUG government will not accept any internal or international recognition raised by the junta.
“If the military is in a credit crunch and they take loans from some willing donors, when the NUG comes to power, the debt will not be honored.”
Tin Tun Naing further said that the parallel government wanted to take control of 1BN funded by the Myanmar government Washington was frozen after the military seized power in the United States.
“If we are able to access 1 1 billion, if it is frozen, it could make a huge difference in terms of humanitarian assistance and rebuilding our human lives,” said Tin Tun Ning.
However, he acknowledged that this was a “legally complex area” and part of an “ongoing dialogue” with US officials.
The NGG was formed in April by members of parliament from the Suu Kyi National League for Democracy, which was forced out of power by ethnic minorities and other anti-coup figures in the February coup.
The junta has identified both it and its recently declared “People’s Defense Force” as terrorist groups. It has issued arrest warrants for NUG ministers.
No foreign government has officially recognized a parallel government. However, MPs and officials from several countries are involved in seeking a solution to Myanmar’s deeper political and economic crisis.
More than three months after the coup, the junta killed 7863 people and arrested about 50,000, according to the Association for the Support of Political Prisoners. Despite the crackdown, a civic disobedience movement has continued protests and strikes aimed at weakening the junta and weak banking and business.
“They devalued the people,” Tin Tun Naing told FT. “They did not expect the people to reject them so strongly.”
He said the military regime had “already faced liquidity problems” and was delaying the payment of quarterly pensions as well as benefits to the elderly and disabled.
Opposition to the government and international human rights groups have demanded that international businesses be deprived of all revenue to force them out of their power.
NUG also wants to prevent oil and gas and telecom companies from escorting their taxes, licenses and other payments to the military government. Companies have noted that doing so would put their local employees at risk of litigation and threaten their services.
Tin Tun Naing said, “NUG has no intention of disrupting the business side and the business of these companies.” “I’m not asking them to stop their activities.”
However, he rejected the notion that the company would face legal repercussions for being kept in escrow to pay the government. “The military will think twice about making a strong multinational with a strong government behind it,” he said.
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