| 19 April 2024, Friday |

Myanmar opposition raises $6.3 million on launch of ‘revolution’ bonds

Myanmar’s shadow government said it raised $6.3 million on the first day of its inaugural bond sale, its biggest move yet to raise funds for its “revolution” to depose the ruling military junta.

Myanmar has been in bloody upheaval since the military’s February 1 coup, and the movements that have sprung up to oppose the junta have been largely funded by public donations.

The National Unity Government (NUG), an alliance of pro-democracy groups, ethnic minority armies, and remnants of the deposed civilian government, announced on Monday the sale of bonds in denominations of $100, $500, $1,000, and $5,000 to primarily Myanmar nationals living abroad for two years.

Despite the fact that the bonds will not generate any interest income for buyers, the NUG reported that $3 million worth of bonds were sold in the first three hours, rising to $6.3 million by the end of the day. Its overall goal is one billion dollars.

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

The junta has declared the NUG a “terrorist” organization.

The NUG has not stated how the funds will be spent.

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

Opposition groups have attempted to stifle the military’s consolidation of power by encouraging people not to pay taxes and to participate in protests, a civil disobedience campaign, and boycotts of army-linked businesses and a national lottery.

Buyers of the bonds made payments via international transfers to a Czech Republic account, according to the NUG.

A 27-year-old Myanmar citizen, who did not want to be identified for security reasons, said she put $500 into the bonds.

“We do not anticipate receiving our money back after two years. We’re buying it because we want to help the revolution “She stated.

  • Reuters