Fiji Times Logo

Fiji Time: 11:43 PM on Friday 19 September

/ 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. FijiFirst claims 60 per cent
  2. Leader of the pack
  3. FijiFirst leads
  4. PDP is number 4
  5. Provisonal results from the Fiji Elections Office
  6. Army grateful
  7. 306,096 votes counted from 1000 polling station
  8. The race is on
  9. Now we wait
  10. Labour trails

Top Stories this Week

  1. FijiFirst claims 60 per cent Thursday (18 Sep)
  2. Searching for answers Monday (15 Sep)
  3. Girl, 12, murdered Monday (15 Sep)
  4. Leader of the pack Thursday (18 Sep)
  5. Shocked and disgusted Monday (15 Sep)
  6. FijiFirst leads Thursday (18 Sep)
  7. Couple seeks end to problem Friday (12 Sep)
  8. No $20m ransom Tuesday (16 Sep)
  9. PM confirms release of 45 peacekeepers Friday (12 Sep)
  10. Safe and alive Friday (12 Sep)