Fiji Time: 5:43 PM on Sunday 23 November

Fiji Times Logo

/ Front page / Business

Fresh loans for Burma

Bbc
Wednesday, January 30, 2013

THE Asian Development Bank (ADB) and the World Bank have approved fresh loans for Burma to aid the social and economic development of the country.

The ADB granted $US512m ($F905.36m), while the World Bank approved a $US440m ($F778m) credit.

The loans were made possible after Burma cleared overdue arrears to the two banks with the aid of Japan. Burma, also known as Myanmar, has been implementing economic and political reforms, resulting in various sanctions against it being lifted.

"Myanmar has come a long way in its economic transformation, undertaking unprecedented reforms to improve people's lives, especially the poor and vulnerable," said Annette Dixon, country director for Myanmar at the World Bank.

"Much work remains to be done. We are committed to helping the government accelerate poverty reduction and build shared prosperity.

"The Bank's engagement, together with the ADB, the Government of Japan and other partners, will help attract investment, spur growth and create jobs," Ms Dixon added.

Burma, one of the poorest countries in Asia, has been hurt by decades of international isolation in wake of the sanctions imposed against it.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. $50m more
  2. Sturridge out for the season
  3. This team is much fitter than Gold Coast winning team says Ryan
  4. Chaudhry describes budget as 'ambitious and unrealistic'
  5. Three drown
  6. Boxing: Loss ends Cameron's career
  7. Fiji's return anticipated
  8. Fijians win
  9. FCEF: Budget to help Fijians
  10. Alcohol duty up by 10pc

Top Stories this Week

  1. Tourist's death: Murder accused to appear in court Monday (17 Nov)
  2. Stabbed to death Tuesday (18 Nov)
  3. Prime Minister Modi arrives in Fiji Wednesday (19 Nov)
  4. Kill victim cried for help Tuesday (18 Nov)
  5. The man behind the scene Monday (17 Nov)
  6. Bula Mr Modi Wednesday (19 Nov)
  7. Man found unconscious, dies in hospital Monday (17 Nov)
  8. Modi-fied Thursday (20 Nov)
  9. Modi announces visa on arrival for Fiji people Wednesday (19 Nov)
  10. WHAT FIJI WILL GET Thursday (20 Nov)