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Myanmar’s parallel finance minister has warned that he will not meet the debts of the junta

Myanmar’s interim national unity government has warned foreign banks to grant loans to the Min Aung Hlaingen junta, saying it will not recognize the debt after it regains power.

The warning was issued by the Finance Minister parallel government Aung San Suu Kyi, made up of supporters of the fallen leader. He said financial institutions should follow foreign investors to boycott the military regime.

“The NUG government will not accept any domestic or international debt created by the junta,” Tin Tun Naing told the Financial Times in a video interview inside Myanmar.

“If the military suffers from a credit crunch and takes out loans from some of the lenders they want, when the NUG comes to power, that debt will not be accepted.”

Tin Tun Naing also said the parallel government wanted to take control of $ 1Myanmar government funds bn It was celebrated in the US that Washington froze after the military took power.

“If we are able to raise billions of dollars, if it doesn’t freeze, that would make a huge difference in humanitarian aid and trying to rebuild the lives and livelihoods of our people,” Tin Tun Naing said.

However, he acknowledged that this is a “legally complicated area” and part of an “ongoing dialogue” with U.S. officials.

The Nug was formed in April by lawmakers from Suu Kyi’s National League for Democracy, who were forced out of power in the February coup, along with other ethnic minorities in hiding or in exile and others opposed to the coup.

The junta has called both and the recently announced “people’s defense force” a terrorist group. NUG has issued arrest warrants for ministers.

No foreign government has formally recognized parallel governments. However, parliamentarians and officials from various countries have contacted their representatives while Myanmar is looking for a solution that deepens the political and economic crisis.

More than three months after the coup, the junta has killed 783 people and arrested nearly 5,000 by the Association of Political Prisoners. Despite the repression, a civil disobedience movement continues to hold protests and strikes aimed at weakening the junta and ruining banks and businesses.

“They underestimated people,” Tin Tun Naing told FT. “They didn’t expect people to reject it so harshly.”

He said the military regime is “already experiencing liquidity problems” and has delayed quarterly payments of pensions, as well as benefits for the elderly and disabled.

Opponents of the regime and international human rights groups want international companies to force the junta to remove all revenue from power.

They have managed to put pressure on foreign investors, including Japanese Do it and South Korea Posco, to stop doing business with military-controlled conglomerates.

The NUG wants oil, gas and telecommunications companies to withhold taxes, licenses and other payments from the military government, putting them on bail. The companies stated that doing so would put their employees at risk of being prosecuted and jeopardize their services.

“NUG is in favor of the business and has no intention of suspending the business of these companies,” Tin Tun Naing said. “I’m not asking them to cancel their operations.”

However, he denied that the companies would have legal consequences for having payments on bail to the scheme. “The military will think twice about doing that to a powerful multinational with a powerful government behind it,” he said.

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