World Bank steps up support for reforms in Myanmar

Nov 02, 2012 |

IANS

Washington

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Myanmar

The World Bank has announced an 18-month work plan to bolster reforms in Myanmar, which will focus on budget, regulatory and private sector.

The strategy, endorsed by the bank's board of directors, will guide the World Bank's work in the country for the next 18 months, focusing on accelerating poverty reduction by helping reform institutions to deliver better services, the Washington-based global development institution said in a statement Thursday.

Under the interim strategy, the world bank will help the Myanmar government improve economic governance and create conditions for growth and jobs by providing policy advice and technical assistance in public financial management, regulatory reform as well as private sector development, reported Xinhua.

"Our strategy has a strong focus on inclusive development and reforms that create real opportunities for all the people of Myanmar," said Pamela Cox, World Bank vice president for East Asia and Pacific.

Part of the strategy includes a $80 million grant for community-driven development projects in Myanmar, which would empower rural communities of the country to choose the most needed investments.

The bank said it is working with the Japanese government and the Asian Development Bank to clear arrears in early 2013 to enable Myanmar to access resources of the International Development Association, the Bank's fund for the poorest, and resume a full country program.

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