World Bank Offers $245 Million In Aid To Myanmar
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The World Bank has promised up to $245 million in credit and grant funding to Myanmar over the next 18 months, reported Reuters, under a new interim strategy focused on accelerating poverty reduction by bolstering reforms in the nation’s budget, regulatory and private sector.
The World Bank has promised up to $245 million in credit and grant funding to Myanmar over the next 18 months, reported Reuters, under a new interim strategy focused on accelerating poverty reduction by bolstering reforms in the nation’s budget, regulatory and private sector.
On Thursday, the Washington-based development institution announced that it would introduce an 18-month work plan for its work in Myanmar, which includes an $80 million grant for community-driven rural projects and a further $165 million in loan assistance for Asia’s second-poorest country.
The bank also said that it was working with the Japanese government and the Asian development bank to help Myanmar clear over $900 million in arrears owed to international lenders, while bank officials will also provide policy advice and technical assistance to the Myanmar government in public financial management, regulatory reform and private sector development.
“Our strategy has a strong focus on inclusive development and reforms that create real opportunities for all the people of Myanmar,” said World Bank Vice President for East Asia and Pacific, Pamela Cox, as cited by Xinhua.
[quote]”Transitions take time, but we are committed to working with all our partners to ensure that poor people start to feel the benefits of reforms quickly, especially through better services from the government,” she added.[/quote]This will be the first time in 25 years that the World Bank has offered aid to Myanmar, after decades of military rule in the South-East Asian nation.
“Going forward one of the most important things to do is to establish that there is transparency,” Cox said, noting that the government had taken steps to publish its budget earlier this year.
According to a press release by the bank, the interim strategy for Myanmar had been developed through extensive consultations with stakeholders including: government, development partners, academia, civil society organizations and the private sector. The International Finance Corporation (IFC) was also involved with the strategy, by focusing on private sector development in the country.
Related: Why We Need A Rethink of Development Aid: Sri Mulyani Indrawati
Related: India, Thailand, Myanmar To Build 3,200km Trilateral Highway
Related: International Sanctions May Ruin Myanmar’s Opportunity For Change: Joseph Stiglitz
“Developing Myanmar’s private sector will be important to generate concrete benefits for the citizens of Myanmar such as jobs and economic opportunities,” said IFC Vice President for Asia Pacific, Karin Finkelston.
[quote]”IFC is seeking to improve access to finance in the country so that businesses can expand and hire people. We are also working together with the World Bank in assessing Myanmar’s investment climate and infrastructure needs, with an initial focus on helping to connect people and businesses through better telecom services and providing reliable power that will help firms to thrive.”[/quote]
