Burma Asks Thailand For More Time To Repay Loan

[Jai Dee]

Burma Asks Thailand for More Time to Repay Loan

Burmese Prime Minister Soe Win has asked Thailand to extend the period of repayment of a 4 billion baht (US $109.6 million) loan by one year, saying Burma might have difficulty meeting the deadline.

The request was made by Soe Win in talks with Thailand’s interim Prime Minister Surayud Chulanont during the Thai premier’s one-day visit to Naypyidaw on Thursday.

Surayud told reporters the request would have to be considered by the Export-Import (Exim) Bank of Thailand, which had advanced the money as a “soft” loan to improve Burmese infrastructure.

An Exim Bank official said previous loans to Burma had been repaid on time. The bank’s consideration of an extension of the repayment of the current loan would depend “on the reason why the customer wants to extend the payment period,” he said.

Apart from the current loan to Burma, Exim has advanced 2.9 billion baht ($78 million) to Thai businesses operating in Burma, according to a statement released by the bank last month.

The 4 billion baht loan agreement was sealed in 2003 between ousted Thai Prime Minister Thaksin Shinawatra and former Burmese Prime Minister Gen Khin Nyunt. The funds were earmarked for improvements to Burma’s Internet system. Interest on the loan was expected to reach 2 billion baht ($54 million) in 2006.

The Thai organizations involved in the loan were recently investigated by Thai anti-graft bodies, investigating possible Thaksin family conflicts of interest.

During his Naypyidaw talks, Surayud discussed with Burmese officials plans to register Burmese migrants working in Thailand. The Burmese government recently approved documents for 10,000 Burmese citizens allowing them to apply for visas to work legally in Thailand.

Others topics of the Naypyidaw talks included energy cooperation, closer joint efforts on narcotics drugs suppression and health issues, especially the problem of HIV/AIDS. Thailand has offered help to tackle the problem.

Source: The Irrawaddy - 25 November 2006

[richard10365]

Authorities in Burma probably spent the money they were going to pay back to Thailand on a wedding.

What happens if Thailand says no to their request? Maybe Thailand will start taking over different parts of Burma. Kinda like Thai banks foreclosing on a piece of property.

[eljeque]

This should be added to the corruption list and the bill should be given back to Shin Corp. They can collect fromthe Burmese on their own.

The interest was $54M on a loan of $109M in 3+ years.

That is somewhere between 15% and 18% / year. Wow!!!

""Apart from the current loan to Burma, Exim has advanced 2.9 billion baht ($78 million) to Thai businesses operating in Burma, according to a statement released by the bank last month.""

Do Thais want to know where their taxes are going? They are going to loans for wealthy Thais who want to invest out of the country where they can avoid Thai taxes on profits.

[cclub75]

The 4 billion baht loan agreement was sealed in 2003 between ousted Thai Prime Minister Thaksin Shinawatra and former Burmese Prime Minister Gen Khin Nyunt. The funds were earmarked for improvements to Burma’s Internet system. Interest on the loan was expected to reach 2 billion baht ($54 million) in 2006.

"Improvement of Burma's Internet System" ? They must be joking...

Story of the meeting between Toxic and the Generalissime Ubu in 2003 :

-"Hey buddy, I need 100 millions USD"

-"Hum...."

-"50 % interest, and we share 50-50 between you and me"

-"Cool. Our Exim bank could do the trick. But we need to find an official reason for that loan"

-"Hum... Let me think : Ah yes, Internet ! We have none, and I want to keep it that way, you know it's bad for my democracy. But it sounds really modern. Okay ?"

-"Deal."

[svenivan]

What I remember was that Thaksin sold an access to his (Shins's) sattelite and also arranged the loan from a Thai Bank.

So the money was going straight into Thaksins pocket!

[Briggsy]

What I remember was that Thaksin sold an access to his (Shins's) sattelite and also arranged the loan from a Thai Bank.

So the money was going straight into Thaksins pocket!

Yes, he was very good at blurring the distinction between the public purse, the Shin group of companies' finances and his personal finances. i.e. spending taxpayers' money or reducing his personal or corporate tax liability to increase his personal wealth or his company's profit.

[Rinrada]

Authorities in Burma probably spent the money they were going to pay back to Thailand on a wedding.

What happens if Thailand says no to their request? Maybe Thailand will start taking over different parts of Burma. Kinda like Thai banks foreclosing on a piece of property.

when the money runs out hopefully the rats will leave the sinking ship...

They could soon be losing one of their Bankers....if[/size]

French oil giant TOTAL Oil is the fourth largest oil company in the world and one of the biggest foreign investors in Burma.

It is in a joint venture with Burma’s dictatorship in the Yadana gas project in southern Burma.

The gas project earns the regime hundreds of millions of dollars every year.....ut maybe NOT for much longer....

Aung San Suu Kyi, Burma’s democracy leader, has said that “TOTAL is the biggest supporter of the military regime in Burma.”

However the global campaign now being run against the TOTAL Oil Company is the largest international campaign ever mounted against any company working in Burma... ....and...

(with thanks from Free Burma..)..

[cclub75]

The gas project earns the regime hundreds of millions of dollars every year.....ut maybe NOT for much longer....

However the global campaign now being run against the TOTAL Oil Company is the largest international campaign ever mounted against any company working in Burma... ....and...

Unfortunatly, this leads to nowhere.

If it hasn't been Total in the past, it would have been a US oil company...

And now, a chinese one. With chinese funds. They are in the starting blocks. Burma is their "back yard".

China is doing already a lot of business with Burma, especially on the wood. It's illegal. But who cares. The generals are ready to sell every piece of rock of "their" country. And Bejing has a lot of fun.

So this campaign is very sweet, I support it, but it won't change a dime. And worst : it will serve the chinese interests.

Asean is guilty too, and weak. Thailand and UN too. Nobody cares.

The only solution would be a "regime change", american way : military. Let's invade Burma ! At one point, we have to aknowledge that it leads nowhere to "speak" with criminals, thiefs, thugs.

The Munich spirit is so strong in the world. It's so convenient to hide behind "international laws". Darfour, North Korea, Burma you name it. This world is a shit hole.

[Johpa]

The gas project earns the regime hundreds of millions of dollars every year.....ut maybe NOT for much longer....

However the global campaign now being run against the TOTAL Oil Company is the largest international campaign ever mounted against any company working in Burma... ....and...

Unfortunatly, this leads to nowhere.

If it hasn't been Total in the past, it would have been a US oil company...

And now, a chinese one. With chinese funds. They are in the starting blocks. Burma is their "back yard".

China is doing already a lot of business with Burma, especially on the wood. It's illegal. But who cares. The generals are ready to sell every piece of rock of "their" country. And Bejing has a lot of fun.

So this campaign is very sweet, I support it, but it won't change a dime. And worst : it will serve the chinese interests.

Asean is guilty too, and weak. Thailand and UN too. Nobody cares.

The only solution would be a "regime change", american way : military. Let's invade Burma ! At one point, we have to aknowledge that it leads nowhere to "speak" with criminals, thiefs, thugs.

The Munich spirit is so strong in the world. It's so convenient to hide behind "international laws". Darfour, North Korea, Burma you name it. This world is a s**t hole.

I take it you are not a big fan of Dr. Pangloss?

[phayao]

The only solution would be a "regime change", american way : military. Let's invade Burma !

Are you serious?

Something like Vietnam, Grenade or Irak?

Is this the ONLY solution?

I think there are less painful ones.

My sympathies for the Burmese people and my contempt to those politicians (Chinese, Singapureans, Thais or whatever) that do business with those bandits.

Maybe an "Israel way": to kill the leaders with missiles regardless of colateral damages?

[cclub75]

I take it you are not a big fan of Dr. Pangloss?

Indeed. I guess I must feel a little bit depressed by politics.

However, we are saved... Because next year, Rambo IV will arrive on the screens !

http://www.voanews.com/burmese/archive/200...-08-02-voa2.cfm

And this time, for sure, the man is going to kick some burmese military's asses.