WB earmarks $245mln for Myanmar under 18-month work plan

PanARMENIAN.Net - The World Bank on earmarked $245 million in credit and grant funding for Myanmar under an 18-month work plan, the first lending to the southeast Asian nation in 25 years and another sign the country is opening up after years of military rule, Reuters reported.

The interim country strategy, endorsed by the World Bank board at a meeting in Washington, will guide the institution's work in Myanmar, also known as Burma. The bank also approved an $80 million grant for community-driven rural projects.

Pamela Cox, World Bank vice president for East Asia and the Pacific, said another $165 million will be made available to Myanmar once the country has cleared its overdue debt to Bank, which totals roughly $400 million.

Talks on how the $165 million will be allocated will take place in coming months, she said. "Based on the strategy we are stepping up our support for reforms we want to target to creating opportunities for all the people of Myanmar, especially the poor and vulnerable," Cox told reporters on a conference call.

Meanwhile, a spokesperson for the International Monetary Fund said it will send a mission to Myanmar in early November for talks with Myanmar on a possible staff-monitored program.

The program will not include funding but will help Myanmar's efforts to deal with its debts to the Paris Club of creditors.