Mizzima

The National Unity Government (NUG) has declared the sale of government securities by Myanmar’s junta regime illegal and said that any future administration would not be liable for any debts or liabilities incurred by the junta. 

In a statement, the NUG’s Ministry of Planning, Finance and Investment referred to its Public Debt Management Law approved by the exiled Pyidaungsu Hluttaw (parliament) after the coup in 2021. 

This states that the issue, sale and distribution of government securities should only be conducted with NUG approval and that any securities issued without its approval will not be honoured or recognised as government or public debt.

As a result of this, the NUG, or any government that follows it, will not be liable for any borrowing, debt or liabilities incurred by the Myanmar Military Council, or any of its subsidiary organisations, since the 1 February 2021 coup.

The NUG is already selling its own Spring Revolution Special Treasury Bonds. These do not pay interest and the capital will only be paid when the revolution succeeds and the junta is toppled.

As of January 2023, the NUG had raised $100 million, 45 per cent of which came from the sale of Spring Revolution Special Treasury Bonds, according to Bloomberg.

Funds have also been raised from the auction of junta-linked properties, including two mansions owned by junta chief, Min Aung Hlaing. Currently, because the NUG is not in power, the new owners cannot take possession of their properties. They will have to wait until the junta is overthrown, at which point, the NUG has promised to let them take control of their properties.