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 CET

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
11:01p SEATTLE GENETICS : Takeda and Seattle Genetics Report Positive Phase 3 ALCANZA Clinical Trial Data of ADCETRIS® (Brentuximab Vedotin) for CD30-Expressing Cutaneous T-Cell Lymphoma
10:54p Government of Canada Announces Concrete Action on Marine Conservation
10:41p DAIMLER : NYPD plans to expand Smart car fleet to replace scooters
10:39p VASCULAR SOLUTIONS INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL OF LOUISIANA : Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Vascular Solutions, Inc.
10:39p CLARCOR INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL OF LOUISIANA : Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of CLARCOR Inc.
10:32p TRI VALLEY : With a place to build, Valley Children's Museum focusing on fundraising
10:14p CHP : Motorcyclist killed by wrong-way DUI driver
10:14p Argentina's Macri says set expectations too high for first year
10:08p ALGOMAIZER : Trying to understand Yigal Amir 21 years on
10:06p UK plans to buy 20 new drones from General Atomics - minister
Latest news
Advertisement
Hot News 
16.12%PANDORA MEDIA : Open to Sale -CNBC's Faber
4.77%EXCLUSIVE - TRUMP FINANCIER LADDER CAPITAL EXPLORES SALE : sources
8.45%BERKELEY : says demand down 20 percent after tax hike, Brexit
-2.22%STARBUCKS : CEO steps down to focus on high-end coffee, shares fall
1.36%NATIONAL BANK OF CANADA : wants stronger capital buffer
Most Read News
05:26a CHINA VANKE : securities regulator chairman condemns "barbaric" company buy-outs by asset managers
12/02 Obama bars China's Fujian from buying Aixtron's U.S. business
12/02DJUNITED TECHNOLOGIES : State, Local Officials See Pluses, Minuses of Trump's Carrier Deal--2nd Update
12/02 U.S. greenlights Norwegian Air flights in blow to U.S. industry
12/02DJWAL MART STORES : Mart Reaches $7.5 Million Settlement in Same-Sex Spouse Benefits Complaint
Most recommended articles
12/02 Platts considers first addition to Brent basket since 2007
11/30DJCash Crunch Looms Over India's Growth Spurt
11/27DJOil Industry Anticipates 'Peak Demand' Day of Reckoning
12:23p Apple shows ambition to get into self-driving car race
09:17a AIXTRON : Fujian to explore what is left of deal after U.S. veto