The parliament of Myanmar has approved the government's Medium-term Debt Management Strategy, official media reported Saturday.

An member of parliament (MP) from Kayah State Constituency said the strategy is needed to slow down foreign loans, and sell government treasury bonds and certificates on the domestic market by the central bank in order to adjust the inflation.

The MP also called on the government to prepare foreign earnings measures for debt settlements, release annual report concerning the strategy, and implement loan-assisted projects that benefit the country and the people.

Another MP from Dagon Constituency of Yangon region suggested that the debt settlement plan should be redrawn by negotiating with creditors to manage refunding risks, highlighting the importance of measures to be taken for development of the domestic market.

U Maung Maung Win, deputy minister for planning and finance, said that the government is striving to develop the country's capital market and to reduce the borrowing by the central bank.

Myanmar has foreign debt of 8.742 billion U.S. dollars, according to latest figures.

Source : XINHUA