Friday, August 17, 2018 08:38:54 PM

Myanmar scales back Chinese-backed port project due to debt fears

Photo Gallery1 Photo By Reuters - Thu Aug 02, 5:00 am

Chinese port terminal seen in Made island outside Kyaukphyu, Myanmar, May 2017. (Reuters pic)

NAYPYITAW: Myanmar has scaled back plans for a Chinese-backed port on its western coast, sharply reducing the cost of the project after concerns it could leave the Southeast Asian nation heavily indebted, a top government official and an advisor told Reuters.

The initial US$7.3 billion price tag on the Kyauk Pyu deepwater port, on the western tip of Myanmar’s conflict-torn Rakhine state, set off alarm bells due to reports of troubled Chinese-backed projects in Sri Lanka and Pakistan, the official and the advisor said.

Deputy Finance Minister Set Aung, who was appointed to lead project negotiations in May, told Reuters the “project size has been tremendously scaled down”.

The revised cost would be “around US$1….

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