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World Bank to open Myanmar office in June, says people need to see benefits of reforms
WASHINGTON (AP) ' The World Bank will open an office in Myanmar (mee-an-MAWR') in June as it re-engages with the impoverished nation two decades since its last projects there ended.
The bank's regional vice president for East Asia, Pamela Cox, said Thursday its experts will analyze the country's development needs and capacity to manage its budget and economy.
Re-establishing a full program would require first clearing Myanmar's arrears of $393 million to the World Bank and about $500 million to the Asian Development Bank.
Cox said the World Bank would seek to boost people's incomes so they can see the benefits of the government's reforms.
The bank stopped lending to Myanmar in 1987, a year before Western nations began imposing sanctions over its suppression of democracy. Projects ended by the early 1990s.