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

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
02:19p FINTECH : Abu Dhabi Global Market beefs up its fintech
02:18p HONDA MOTOR : signs MoU with HDFC ERGO for 2-wheeler insurance
02:18p RENAISSANCERE : Insider Kevin Odonnell Sold 3,000 Shares of the Company
02:18p SPIRIT REALTY CAPITAL : Weiss Multi-strategy Advisers buys $55,772,274 stake in Spirit Realty Capital Inc (New) (SRC)
02:18p CITIZENS : Institutional Investors 2016 Q2 Sentiment
02:16p BANK OF CYPRUS PUBLIC : Bondholders say that without dynamic actions ‘we will not win our fight’
02:09p LEGANÉS V VALENCIA : La Liga – as it happened
02:03p “GLOBAL FINANCE” : KFH “ is the Safest Islamic Financial Institution In Kuwait and Region
02:01p ALBANY INTERNATIONAL : Statement from Albany International Corp. on the Death of Company Chairman Emeritus J. Spencer Standish
02:01p New Edition of APICS Dictionary and Learn It App Launched at APICS 2016
Latest news
Advertisement
Hot News 
21.42%Twitter In Talks with Suitors, Including Salesforce, Google -CNBC's Faber
15.45%Endo International CEO steps down, Campanelli named successor
-7.37%FTSE records best week in three months
9.77%SANTANDER CONSUMER : USA to Restate Financial Reports
-5.17%FINISH LINE : Comparable Store Sales Rise
Most Read News
09/24 FACEBOOK : apologises for shutting down Palestinian journalists' accounts
03:01a MICROSOFT : HostForLIFE.eu Launches Moodle 3.1.2 Hosting
09/24 MACY : Washington state mall shooting suspect named as victim's mother speaks
04:30a MANCHESTER UNITED : After dropping Rooney, United beats Leicester 4-1 in EPL
09/24 TURKEY TO CONTINUE ECONOMIC REFORMS : Deputy PM Simsek
Most recommended articles
05:38a TENCENT : to donate 2 percent of profit as Chinese online charity grows
09/24 Canada Unifor union sets tentative strike deadline for Fiat Chrysler
09/24 WELLS FARGO : Former employees file class action against Wells Fargo
09/24DJGENERAL MOTORS : GM Shows Off Coming Diesel-Power Small SUV
09/24DJForeign Jet-Fighter Makers Woo India