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World Bank to step in to lift Burma out of poverty

in International Business

World Bank to step in to lift Burma out of poverty

The World Bank announced that it is considering preparing up to USD 85m aid to Burma for the first time in 25 years.

The aid would help in boosting reforms needed to eradicate poverty in the nation.

In the line with aid, Burma will also be given access to interest-free loans from the International Development Association, the World Bank’s fund for the poorest countries.

The bank has already set up an office in Burma and said that it would assist Burmese authorities in the reform process by my improving their financial system and business environment.

“Actions in these areas will help the government attract responsible foreign investment, expand trade, manage its resources better and create more jobs and opportunities for people,” said Pamela Cox, vice-president for East Asia and the Pacific.

The country will be assessed to determine which areas of the economy needed further support.

Burma, also known as Myanmar, was once an isolated state from the rest of the world with an appalling human rights record. It is one of Asia’s poorest countries with an economy riddled with corruption. The country was ruled a military junta that stifled almost all dissent in the face of international sanctions and condemnation. Internationally Burma has long been seen as a pariah state. The west only began relaxing its sanctions on the country in 2012. Of the big economies in the world, China is its main ally.

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