The World Bank will provide Myanmar with an $80 million development
grant ahead of multilateral efforts by the international financing community to
clear the long-isolated country’s backlog of arrears to its creditors.
The bank is scheduled to take
part in a multilateral effort in January to help Myanmar deal with some of its
crippling debt obligations to various creditors, which need to be cleared
before the country can fully access a full suite of international aid
financing. Other creditors include the International Monetary Fund, the Asian
Development Bank and the Paris Club of sovereign creditors.
The World Bank is one of several
multilateral lenders that have re-engaged more closely with the Southeast Asian
nation since a nominally civilian government took power last year and began
implementing a political and economic overhaul. The bank and other
international financial-aid organizations gave Myanmar a wide berth after its
former military regime began cracking down on its pro-democracy opponents in
1988 and the re-engagement reflects Myanmar’s improved standing in the world
under the leadership of President Thein Sein.
“Our strategy has a strong focus
on inclusive development and reforms that create real opportunities for all the
people of Myanmar,” World Bank East Asia and Pacific Regional Vice President
Pamela Cox said. “Transitions take time, but we are committed to working with
all our partners to ensure that poor people start to feel the benefits of reforms
quickly, especially through better services from the government.”
The $80 million project grant
will be provided ahead of any arrears clearance to help deliver quick benefits
to the poor and vulnerable.. The project will establish community-elected
councils in 15 townships, one in each of Myanmar’s states, regions and
territories. Each council will identify urgent needs and prepare plans for
development projects.
Another $165 million in
assistance has been earmarked for the country once it clears its $406.5 million
in arrears to the bank.
The World Bank has also released
an interim country strategy for its re-engagement with Myanmar over the next 18
months, which includes the provision of technical assistance in public finance,
regulatory reform and private sector development.
Sam Holmes
Business & Investment Opportunities
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