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 AEHR TEST SYSTEMS : Reports First Quarter Fiscal 2015 Financial Results
<1m ago ELECTRONICS FOR IMAGING : EFI and Ricoh Partner to Bring Fiery Performance to New Ricoh Digital Presses
<1m ago GLOBAL EAGLE ENTERTAINMENT : Le French Book and Global Eagle Entertainment Provide Renowned Full-length eBooks for Inflight Entertainment
<1m ago Goliath Technologies Launches Healthcare IT's First McKesson Performance Monitoring Module to Improve Delivery of Patient Care by Reducing Costly Downtime
<1m ago BLACKSTONE MORTGAGE : Announces Closing Of Public Offering Of Class A Common Stock And Full Exercise Of Option By Underwriters
<1m ago WP CAREY : W. P. Carey Inc. : Announces Closing of Public Offering of 4,600,000 Shares of Common Stock
<1m ago HOLOGIC : to Kick Off National Breast Cancer Awareness Month at the October 1 NASDAQ Stock Market Opening Bell Ceremony
<1m ago ALLSCRIPTS HEALTHCARE SOLUTIONS : Wrightington, Wigan and Leigh NHS Foundation Trust selects Allscripts Sunrise
<1m ago AGREE REALTY : Announces Recent Acquisition And Development Activity
<1m ago EXTRA SPACE STORAGE : Announces Date of Earnings Release and Conference Call to Discuss Third Quarter 2014 Results
Latest news
Advertisement
Hot News 
Bank derivatives boom ahead of ECB test results as investors play safe
News Corp to buy real estate website operator Move for $950 mln
CYAN : Executive Chairman role and grant of options
EASTERN PROPERTY : announces the acquisition of full ownership of Class A office complex Severnoe Siyanie
RAME ENERGY : Says Widened Loss Is "In Line With Expectations"
Most Read News
14h ago QUINDELL : simply quizzical over its sliding shares
1d ago LENOVO : edges close to IBM server deal
1d ago SOFTBANK : DreamWorks Animation talks cool - WSJ
1d ago ALLERGAN : Valeant Pharmaceuticals' third-quarter sales to rise
1d ago BOEING : to shift most defense work out of Washington state
Most recommended articles
1m ago Mario Draghi to push ECB to buy Greek, Cypriot 'junk' loans - FT
6m agoDJU.S. Continues Airstrikes Against ISIS
8m agoDJMexico Launches Fund to Administer Oil Income
8m ago Move shares up 37 percent in heavy volume after News Corp deal
8m ago Record French debt burden adds to strain on public finances
Dynamic quotes  
ON
| OFF