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Myanmar Opposition raises US$6.3m on launch of ‘revolution’ bonds

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This handout photo from Kachinwaves shows protesters marching with banners supporting the opposition National Unity Government (NUG) during a demonstration against the military coup in Hpakant in Myanmar’s Kachin state.

MYANMAR: A shadow government in Myanmar said it has raised US$6.3 million (RM26.4 million) on the opening day of its inaugural bonds sale, in its biggest move yet to generate funds for its “revolution” to topple the ruling military junta.

Myanmar has been in bloody turmoil since the military’s Feb. 1 coup and movements that have sprang up to challenge the junta have been mainly supported by public donations.

The National Unity Government (NUG), an alliance of pro-democracy groups, ethnic minority armies and remnants of the ousted civilian government, said bonds went on sale on Monday to mainly Myanmar nationals overseas in denominations of US$100, US$500, US$1,000 and US$5,000, with two-year tenures.

Even though the bonds will generate no interest income for buyers, US$3 million worth were sold in the first three hours, the NUG said, increasing to US$6.3 million by the end of the day. Its overall target is US$1 billion.

“From this, I witness the enthusiasm of people in the case of uprooting the fascist military,” NUG spokesman, Dr Sasa, said on Facebook.

The junta has outlawed the NUG and designated it a “terrorist” movement. The NUG has not disclosed how the funds would be used.

A spokesperson for the junta did not immediately respond to a request for comment.

Opposition groups have been trying to stifle the military’s efforts to consolidate power by encouraging people not to pay taxes and to join protests, a civil disobedience campaign and boycotts of army-linked businesses and a national lottery. – THE MALAY MAIL

Thursday, November 25, 2021 – 01:00

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