World Bank approves grant to Myanmar

World Bank approves grant to MyanmarThe Board of Directors of the World Bank Group have approved package of credit and grants to Myanmar through a new Interim Strategy.

The new support plans are aimed at backing the government's reforms for improving the lives of its people. The financial institution will offer an $80 million development grant to the country ahead of a multilateral effort by the international financing community to clear the county's backlog on payments to creditors.

World Bank President Jim Yong Kim said in a statement that, "I am heartened by the reforms that have been taking place in Myanmar and encourage the government to continue to push forward with their efforts."

The global financial institution said that the action plan for 18 months will focus on helping the country's efforts to reduce poverty by reforming institutions to deliver better services to the people during a time of transition in the country. The World Bank Group will help Myanmar's government to improve economic governance and create conditions for growth and jobs through advice on policy and technical assistance.

The World Bank assistance efforts will include public financial management for transparently linking budgets to development priorities, regulatory reforms aimed at providing access to finance for micro-finance borrowers as well as small and medium enterprises, and private-sector development for promoting broad-based economic growth and job creation.