World Bank opens office in Yangon

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Pamela Cox, World Bank Vice President for East Asia and Pacific

The World Bank has opened up a new country office in Yangon, the commercial capital of Myanmar. The international financial institution will prepare a grant worth up to $85 million to promote community-driven development programmes for schools, roads, water and other projects, in what is the first loan granted since 1987 for the country with the lowest per capita income in Southeast Asia.

“We are committed to eradicating poverty and the new office opening in Myanmar will allow us to reach some of the poorest people in East Asia”, said Jim Yong Kim, World Bank Group President.

The bank hopes that the grant will succeed in building confidence in the government’s reforms while fomenting peace and stability by offering much-needed economic support to those living in conflict areas.

The new office has already begun collecting data on the country, which has a well-known reputation for the paucity of accurate information available.

World Bank Vice President for East Asia and Pacific Pamela Cox met with Myanmar reformist president Thein Sein, Aung San Suu Kyi and other members of parliament in the bank’s first visit by senior members since reforms took effect.

In addition to the grant, which Cox said will likely take effect in October, the bank will clear $397 million in arrears by January in an attempt to help the crippled economy recover from years of mismanagement and trade sanctions.

“I do want to emphasise we’re not forgiving the debt to Myanmar. We’re just clearing the back interest payments and Myanmar will resume paying its debts to the World Bank and the ADB,” Cox was quoted as saying by Reuters.

Myanmar currently owes about $500 million to the Asian Development Bank (ADB), which played an integral role in coaching the economic planning team of the country throughout its roughest time.

The ADB has also set up a small office in Yangon, and the International  Monetary Fund is hoping to provide technical assistance from its office in Bangkok.

 

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Reading Time: 2 minutes

Pamela Cox, World Bank Vice President for East Asia and Pacific

The World Bank has opened up a new country office in Yangon, the commercial capital of Myanmar. The international financial institution will prepare a grant worth up to $85 million to promote community-driven development programmes for schools, roads, water and other projects, in what is the first loan granted since 1987 for the country with the lowest per capita income in Southeast Asia.

Reading Time: 2 minutes

Pamela Cox, World Bank Vice President for East Asia and Pacific

The World Bank has opened up a new country office in Yangon, the commercial capital of Myanmar. The international financial institution will prepare a grant worth up to $85 million to promote community-driven development programmes for schools, roads, water and other projects, in what is the first loan granted since 1987 for the country with the lowest per capita income in Southeast Asia.

“We are committed to eradicating poverty and the new office opening in Myanmar will allow us to reach some of the poorest people in East Asia”, said Jim Yong Kim, World Bank Group President.

The bank hopes that the grant will succeed in building confidence in the government’s reforms while fomenting peace and stability by offering much-needed economic support to those living in conflict areas.

The new office has already begun collecting data on the country, which has a well-known reputation for the paucity of accurate information available.

World Bank Vice President for East Asia and Pacific Pamela Cox met with Myanmar reformist president Thein Sein, Aung San Suu Kyi and other members of parliament in the bank’s first visit by senior members since reforms took effect.

In addition to the grant, which Cox said will likely take effect in October, the bank will clear $397 million in arrears by January in an attempt to help the crippled economy recover from years of mismanagement and trade sanctions.

“I do want to emphasise we’re not forgiving the debt to Myanmar. We’re just clearing the back interest payments and Myanmar will resume paying its debts to the World Bank and the ADB,” Cox was quoted as saying by Reuters.

Myanmar currently owes about $500 million to the Asian Development Bank (ADB), which played an integral role in coaching the economic planning team of the country throughout its roughest time.

The ADB has also set up a small office in Yangon, and the International  Monetary Fund is hoping to provide technical assistance from its office in Bangkok.

 

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