The Asian Development Bank (ADB) has resumed its operations in Myanmar with a loan of 512 million USD for the country to boost its social and economic development.
The assistance package, the first from ADB in almost 30 years, was provided to the Myanmar Government through the Japan Bank for International Cooperation (JBIC) on Jan. 17, said the bank in its Jan. 28 press release.
It will be used to complete arrears clearance, sustain government efforts to revamp the national budget process and modernise tax administration. It will also support trade policy reforms and capacity development, improve the investment climate and small- and medium-sized enterprise (SME) development.
ADB Vice President of Operations for East Asia, Southeast Asia, and the Pacific Stephen Groff said this is a historic tipping point for Myanmar, adding the bank is focusing first on the building blocks for stability and sustainability, which will ultimately lead to major investments in road, energy, irrigation and education projects, as well as investments in other sectors.
The bank will help Myanmar develop a competitive economy by focusing on improving public finance, trade, investment, SMEs, and financial sector development, building on significant measures the government has already taken, including major reforms of its central bank and trade and investment liberalisation, he added.-VNA
The assistance package, the first from ADB in almost 30 years, was provided to the Myanmar Government through the Japan Bank for International Cooperation (JBIC) on Jan. 17, said the bank in its Jan. 28 press release.
It will be used to complete arrears clearance, sustain government efforts to revamp the national budget process and modernise tax administration. It will also support trade policy reforms and capacity development, improve the investment climate and small- and medium-sized enterprise (SME) development.
ADB Vice President of Operations for East Asia, Southeast Asia, and the Pacific Stephen Groff said this is a historic tipping point for Myanmar, adding the bank is focusing first on the building blocks for stability and sustainability, which will ultimately lead to major investments in road, energy, irrigation and education projects, as well as investments in other sectors.
The bank will help Myanmar develop a competitive economy by focusing on improving public finance, trade, investment, SMEs, and financial sector development, building on significant measures the government has already taken, including major reforms of its central bank and trade and investment liberalisation, he added.-VNA
