ဒီေငြေတြဘယ္ေရာက္ကုုန္သလဲ
Stiglitz
Published:
Tuesday, 5 Jun 2012 | 9:02 PM ET
By: Sri Jegarajah
Reporter, CNBC Asia Pacific
Reporter, CNBC Asia Pacific
Myanmar
would benefit from securing the revenue accumulated through its oil and
natural gas sales into a sovereign wealth fund, helping the fledgling
democracy avoid the "resources curse" and distributing wealth more
equitably, Former World Bank Chief Economist Joseph Stiglitz told CNBC.
“One
of the imperatives is that the funds be used well for the benefit of
all the citizens and that's part of the inclusive growth agenda,”
Stiglitz said.
He
added that, however, mismanagement of the fund could lead to
depreciation of the currency. Currency depreciation “makes it difficult
for farmers to sell their goods internationally, imports come in and
destroy jobs in the country,” Stiglitz warned. “So managing the exchange
rate is very important and the stabilization fund can be part of the
mechanism for managing the exchange rate.”
Myanmar’s
oil and gas income is expected to rise significantly as the country's
neighbors – which include regional economic powerhouses China and India –
spend millions on developing natural gas fields to extract the fuel
vital for their own growth.
In
January, Myanmar’s energy ministry pegged natural gas reserves at 22.5
trillion cubic feet, almost double the 11.8 trillion estimated by oil
major BP [BP
38.19
1.38
(+3.75%)
] last year.
Revenue
from natural gas exports from Myanmar’s M9 block has netted an
estimated profit of $3.86 billion, while the Shwe Gas pipeline to
southern China, which is due to be completed in 2013, would earn state
firms $29 billion over a 30-year period, plus an annual transit fee of
$150 million, Reuters reported.
Stiglitz
said given volatile oil and gas prices, a stabilization fund could also
help Myanmar manage wild swings in energy prices.
But
details of how much revenue the country is making from oil and gas, its
biggest source of income, is being hidden from the public and kept off
the national budget, just as it was under the military junta that ceded
power last year, Reuters reported on March 22, citing the Arakan Oil
Watch group.
“Military
leaders have been exporting these resources for over a decade, leaving
the people to suffer from chronic energy shortages and some of the
lowest development indicators in the world,” the group said in a report
titled Burma's Resource Curse.
Persistent
power shortages in the country have triggered protests in several
cities in Myanmar last month, a fact not lost on Nobel laureate Aung San
Suu Kyi, who called for an energy policy when she addressed delegates
at the World Economic Forum in the Thai capital last week, in her first
trip outside the country in more than 24 years.
No comments:
Post a Comment