Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/27/2013 | 06:02pm CEST

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
05:46p UNDER ARMOUR : The Frederick News-Post, Md., Joshua R. Smith column
05:45p ACT NOW - SHAREHOLDER ALERT : Monteverde & Associates PC Announces An Investigation Of Exar Corporation - EXAR
05:44pDJTrump to Insist on Border Wall Funding as Budget Deadline Looms
05:35p UCAR : Collecting Books for Kids
05:35p SEPLAT PETROLEUM DEVELOPMENT : Ogboru calls on Chevron, Seplat, others to relocate to Delta State
05:26pDJGAZIT GLOBE : Retail Landlord Gazit-Globe Sets Sights on New York
05:23p TECHNION ISRAEL INSTITUTE OF TECHNOLOGY : Fuel Guard
05:22p MANCHESTER UNITED : Martial, Rooney leads United to 2-0 win at Burnley in EPL
05:20p HONDA MOTOR : Knights of Columbus Walleye Classic forms partnership with Acme Tools
05:19pDJWestmoreland County, Pa.
Latest news
Advertisement
Hot News 
6.05%WS ATKINS : Canada's SNC-Lavalin to buy WS Atkins in C$3.6 billion deal
6.39%Struggling apparel retailer Bebe to shut all stores
2.67%Honeywell profit beats as aerospace, energy businesses deliver
-2.38%AHEAD OF THE TAPE : General Electric Is Overdue for Good News -- WSJ
3.72%French stocks slip in flat European market as vote nears
Most Read News
09:26a LAFARGEHOLCIM : CEO to step down over Syria investigation
04/22 MANCHESTER UNITED : face Celta Vigo, Ajax meet Lyon in last four
04/22 UNITED CONTINENTAL : American Airlines employee suspended after clash with traveller in San Francisco
02:13a BAYERISCHE MOTOREN WERKE : BMW reveals i8 Protonic special edition
04/22 VOLKSWAGEN : US judge approves another VW dieselgate settlement
Most recommended articles
04/21 TWENTY FIRST CENTURY FOX : Government extends period for regulators to report on Sky-Fox merger
04/17DJABBOTT LABORATORIES : Cyber Insurance Becomes a Must for More Manufacturers
11:26aDJGAZIT GLOBE : Retail Landlord Gazit-Globe Sets Sights on New York
10:26a CREDIT SUISSE : to make capital hike decision after AGM - report
09:26a LAFARGEHOLCIM : CEO to step down over Syria investigation