{"id":219,"date":"2018-08-07T09:45:00","date_gmt":"2018-08-07T08:45:00","guid":{"rendered":"https:\/\/portstrategy.nfdtesting.uk\/greenport\/2018\/08\/07\/debt-fears-impact-myanmar-project\/"},"modified":"2018-08-07T09:45:00","modified_gmt":"2018-08-07T08:45:00","slug":"debt-fears-impact-myanmar-project","status":"publish","type":"post","link":"https:\/\/www.portstrategy.com\/greenport\/news\/asia\/debt-fears-impact-myanmar-project\/","title":{"rendered":"Debt fears impact Myanmar project"},"content":{"rendered":"<p>The southeast Asian country has substantially reduced the cost of the Kyauk Pyu deepwater port, part of China\u2019s Belt and Road initiative, following reports of troubled Chinese-backed projects in Sri Lanka and Pakistan, a government official and an advisor has told <em>Reuters<\/em>.<\/p>\n<p>Deputy finance minister Set Aung, who was appointed to lead project negotiations in May, told <em>Reuters<\/em> the \u201cproject size has been tremendously scaled down\u201d.<\/p>\n<p>The project now has a cost estimate of \u201caround $1.3 billion\u201d said Sean Turnell, economic advisor to Myanmar\u2019s civilian leader, Aung San Suu Kyi.<\/p>\n<p>According to <em>Reuters<\/em>, he stated this is \u201csomething that\u2019s much more plausible for Myanmar\u2019s use.\u201d<\/p>\n<p>China\u2019s state-run CITIC Group, the main developer of the project, commented negotiations were ongoing and that the $1.3bn would be spent on the \u201cinitial phase\u201d of the port. The project is divided into four phases, it said.<\/p>\n<p>No details on plans for subsequent stages were revealed.<\/p>\n<p>The original plan was to develop around 10 berths at the 25m deep sea port to accommodate bigger oil tankers, but the size will now be revised to only two berths, Set Aung said in an interview, reported <em>Reuters<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Myanmar has scaled back plans for a US$7.3bn Chinese-backed port on its western coast after concerns it could result in a large debt.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69],"tags":[],"sponsor":[],"class_list":["post-219","post","type-post","status-publish","format-standard","hentry","category-asia"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts\/219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/comments?post=219"}],"version-history":[{"count":0,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts\/219\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/media?parent=219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/categories?post=219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/tags?post=219"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/sponsor?post=219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}