World Bank ear­marks $245 mil­lion for Myan­mar

The Pak Banker - - Front Page -


The World Bank on Fri­day ear­marked $245 mil­lion in credit and grant fund­ing for Myan­mar un­der an 18-month work plan, the first lend­ing to the south­east Asian na­tion in 25 years and an­other sign the coun­try is open­ing up af­ter years of mil­i­tary rule. The in­terim coun­try strat­egy, en­dorsed by the World Bank board at a meet­ing in Wash­ing­ton, will guide the in­sti­tu­tion’s work in Myan­mar, also known as Burma. The bank also ap­proved an $80 mil­lion grant for com­mu­ni­ty­driven ru­ral projects.

Pamela Cox, World Bank vice pres­i­dent for East Asia and the Pa­cific, said an­other $165 mil­lion will be made avail­able to Myan­mar once the coun­try has cleared its over­due debt to Bank, whi ch to­tals roughly $400 mil­lion. Talks on how the $165 mil­lion will be al­lo­cated will take place in com­ing months, she said. “Based on the strat­egy we are step­ping up our sup­port for re­forms we want to tar­get to cre­at­ing op­por­tu­ni­ties for all the peo­ple of Myan­mar, es­pe­cially the poor and vul­ner­a­ble,” Cox told re­porters on a con­fer­ence call. Mean­while, a spokesper­son for the In­ter­na­tional Mone­tary Fund said it will send a mis­sion to Myan­mar in early Novem­ber for talks with Myan­mar.

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