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 TOUCHPOINT METRICS : Western Independent Bankers Endorses Touchpoint Metrics and Touchpoint Mapping On-Demand, a Cloud-Based Customer Experience Management Software
<1m ago NORDIC SEMICONDUCTOR ASA : New order for components to Mobile/wearable device segment of MUSD 1.3 (MNOK 7.8)
<1m ago Eutelsat Concludes Deal with EchoStar’s Hughes for High-Throughput Capacity on the EUTELSAT 65 West A Satellite for Broadband in Brazil
<1m ago SPIRENT COMMUNICATIONS : Reiterates Expectations As First Quarter Profit Up
1m ago SDL : Sets the Pace for How Customer Experience Solutions are Rapidly Transforming Digital Marketing in Europe
1m ago RESEARCH AND MARKETS : Indian Personal Care Ingredients Market Outlook 2019 - Concise Analysis of the Booming Market
3m ago AMIAD WATER SYSTEMS : Says Chairman To Depart
5m ago RADWARE : New Radware Research Reveals eRetailers that use a Content Delivery Network Experience Slower Page Load Times than eRetailers that do not --------------------------------------------------------------------------------
5m ago NATIONAL BANK OF REPUBLIC OF TAJIKISTAN : The average rate of US dollar at the end of last week has slightly decreased
5m ago AFPA AUSTRALIAN FOREST PRODUCTS ASSOCIATION : Anti-dumping investigation into newsprint paper
Latest news
Advertisement
Hot News 
IOFINA : Reduces Production Expectations On Fracking Plans
CRESTON : Trading Statement and Directorate Change
DRAX : sues UK government over U-turn on biomass conversion support
MELEXIS : Q1 2014 results - Full year guidance raised
UNILIFE : Responds to Malicious Blogs
Most Read News
1h ago ASTRAZENECA : FTSE propped up by ABF and AstraZeneca
1d ago GENERAL MOTORS : GM seeks U.S. court protection against ignition lawsuits
1d ago MCDONALD : Yum Brands' China restaurant sales improve, shares rise
1d ago ETHAN ALLEN INTERIORS : Reports results for quarter ended march 31, 2014
1d ago CN, CP Rail profits could leave sour taste for farmers
Most recommended articles
6m ago Steady PMIs, sluggish China puts brakes on European shares
1h ago ASTRAZENECA : FTSE propped up by ABF and AstraZeneca
1d ago Barclays joins retreat from commodities as new rules bite
6d ago BLACKSTONE : earnings rise 30 percent, boosted by private equity gains
9m ago BoE minutes show 'range of views' on economic slack, inflation outlook
Dynamic quotes  
ON
| OFF