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

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
React to this article
Latest news
Date Title
11:08a ERICSSON : What 2015 Offers Mobile Users
11:08a MTN : Nigeria's Financial Crisis Leaves MTN Worrying
11:08a SourceKnowledge Integrates With Google's DoubleClick Ad Exchange To Enable Programmatic Video Buying
11:08a Dr. Michael Beckwith Serving Ascent Expo as Both Marketing Partner and Featured Speaker
11:08a Ricoh announces availability of RICOH Pro C7100X series at Graphics of the Americas
11:08a ENDEXX : and Voice Digital Services Sign Marketing Agreement
11:08a PROPANC HEALTH : Initiates Next Phase of R&D Activities
11:08aDJCURRENCIES : Euro Hits Fresh 11-year Low As Draghi Unveils Plan For QE
11:08a Global Water Purifier Industry Report 2015-2021
11:07a COVER ALL TECHNOLOGIES : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
Latest news
Advertisement
Hot News 
GROUPE STERIA : New means allocated to the liquidity contract with Oddo Corporate Finance
GRESHAM COMPUTING : Appoints Ian Manocha As New Chief Executive
OXFORD PHARMASCIENCE : Initiation of PK Study of OXPzeroTM Naproxen
SWEETT : March 5, 2015 Sweett Investments shortlisted for two awards at Partnerships Awards 2015
GREAT WESTERN MINING : BUSINESS INSIDE Is shock therapy for the railway worth it? ; CHRONICLE BATHCHRONICLE BATHWork to electrify the local rail system spells a summer of...
Most Read News
03/04 HORTONWORKS : Yahoo! JAPAN Selects Apache Hadoop Leader Hortonworks for their Enterprise
03/04 JOHNSON & JOHNSON : Report: J&J close to deal to buy partner Pharmacyclics
03/04 W&T OFFSHORE : reports 4Q loss
03/04 FRESH MARKET : seeking to hire 80 to 90 from Fayetteville area (BRIEF)
03:30a AbbVie boosts cancer drug pipeline with $21 billion Pharmacyclics deal
Most recommended articles
11:07aDJAbbVie to Buy Pharmacyclics in $21 Billion Deal -- 3rd Update
11:04a Euro hits eleven-and-a-half-year low, bonds rise after ECB
10:59aDJBrazilian Real Weakens Past 3.0 to the Dollar for First Time Since 2004
10:52a Carrefour lifts capital spend as European consumers revive
10:41a SNC LAVALIN : boosts dividend, but profit outlook below estimates
Dynamic quotes  
ON
| OFF