Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

World Bank Group : Myanmar and World Bank Group now fully engaged to spur growth and create opportunities for all

01/27/2013 | 12:02pm US/Eastern
Recommend:
0

Arrears to World Bank and Asian Development Bank cleared with Japanese support

Washington, January 27, 2013 - Myanmar and the World Bank Group today marked the beginning of a new phase in their partnership to accelerate reforms with the clearance of arrears to the Bank and the Asian Development Bank. The Bank Group is now fully engaged in supporting development programs to benefit all of the people of Myanmar, with financial and technical assistance. The Bank Group is currently in discussions with the government to identify priority needs.

"Myanmar has come a long way in its economic transformation, undertaking unprecedented reforms to improve people's lives, especially the poor and vulnerable," said Myanmar Country Director Annette Dixon.  "Much work remains to be done. We are committed to helping the government accelerate poverty reduction and build shared prosperity. The Bank's engagement, together with the ADB, the Government of Japan and other partners, will help attract investment, spur growth and create jobs."

On January 22. 2013, the World Bank Board of Directors approved a US$440 million Reengagement and Reform Support Credit to Myanmar. The Credit supports critical reforms being implemented by the Government to strengthen macroeconomic stability, improve public financial management and improve the investment climate. Its proceeds will also help the Government meet its foreign exchange needs, including repaying a bridge loan provided to it by the Japan Bank for International Cooperation (JBIC) to clear arrears.

Myanmar is rich in natural resources, including large natural gas reserves, and extensive agricultural potential, particularly in rice production, and after decades of international isolation, is already seeing increased trade and investment from the wider international community. Myanmar's economic growth accelerated to 5.5 percent in fiscal year 2011-12. GDP growth is expected to reach 6.3 percent in fiscal year 2012-2013.

Over the past year, the World Bank has opened an office in Yangon, appointed a country manager and brought in technical experts to undertake and support analytical, diagnostic and advisory work as Myanmar begins to prepare a broad development program. The Bank also provided a US$80 million grant to help finance the National Community-Driven Development project, which will enable villagers to develop rural infrastructure improvements including schools, health clinics, roads and irrigation schemes in about 640 village tracts across Myanmar over six years.

distributed by
Recommend :
0
React to this article
Latest news
Date Title
<1m ago COLUMBIA YUKON EXPLO : Entered Into a Loan Agreement with Prairie Enterprises (Alberta) Ltd.
<1m ago PPR - $.0280 August Dividend
1m ago HUGO BOSS : says Permira to place 11.2 percent Hugo Boss stake
2m ago DARDEN RESTAURANTS : Results of Operations and Financial Condition, Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
2m ago SOUH AMER0 : South American Properties, Inc. -- 2013 Annual Shareholder Meeting Held; New Name Change and Company Direction Announced
4m ago K ELECTRIC : 2 killed, 2 injured in violence
4m ago TATA POWER : Mumbai faces massive outage as Tata Power unit trips
4m ago MARRIOTT : Security Analyst Meeting Webcast: September 8
4m ago NPS NATIONAL PARK SERVICE : Keweenaw National Historical Park — This month’s National Park Getaway
4m ago WASTE MANAGEMENT : Exclusive: Deutsche Asset & Wealth Management opens Dallas office in regional shift
Latest news
Advertisement
Hot News 
BANCO ESPIRITO SANTO : Espirito Santo debt attracts potential buyers at 2 percent of face value
CORRECT : Dixons Carphone Confirms Long Term Deal With Vodafone
EXELIXIS : Announces Results from the COMET-1 Phase 3 Pivotal Trial of Cabozantinib in Men with Metastatic Castration-Resistant Prostate Cancer
TMM REAL ESTATE DEVELOPMENT : Sonyachna Brama residential complex construction status update
COMPUWARE : to be Acquired by Thoma Bravo
Most Read News
1d ago FORMFACTOR : Raises Third Quarter Guidance Range
1d ago STUART OLSON : announces sale of Broda Construction
13h ago MANCHESTER UNITED : Van Gaal Speaks on Di Maria Injury
1d ago MEDICINOVA : to Present Data on MN-001 (tipelukast) for the Treatment of Idiopathic Pulmonary Fibrosis (IPF) During the 18th International Colloquium on Lung and Airway Fibrosis (ICLAF)
1d ago EXELIXIS : Announces Results from the COMET-1 Phase 3 Pivotal Trial of Cabozantinib in Men with Metastatic Castration-Resistant Prostate Cancer
Most recommended articles
1d agoDJZambia Copper Miners Say Crippled by Unpaid $600 Million Tax Refund-Mines Body
4d ago S&P 500 edges up to set new record; best month since Feb
4m ago WASTE MANAGEMENT : Exclusive: Deutsche Asset & Wealth Management opens Dallas office in regional shift
7m ago Halliburton to settle U.S. Gulf spill claims for $1.1 billion
9m agoDJAnother American Doctor Infected With Ebola
Dynamic quotes  
ON
| OFF