World Bank approves credit to help Myanmar's economy

By：Xinhua Update：2017-05-02

The World Bank has approved a 200-million-U.S. dollar credit to Myanmar to assist the country maintain a stable growth and reduce poverty, the international financial institution's resident office said on Friday.

The World Bank's credit is to assist the government in promoting macro-economic stability and fiscal resilience and to increase budget resources for greater access to quality public services.

The World Bank-supported Development Policy Operation (DPO) program includes reforms, which aim to address challenges such as rising inflation, public debt sustainability, efficiency of government spending and tax collections.

The program is designed to benefit poor and vulnerable people through reduction in price pressures, said Ulrich Zachau, the World Bank country director for Southeast Asia.

The DPO also provides long-term, concessional financing for critical public investments.

The program will undertake reforms to promote prudent public debt management such as an end to Central Bank financing of the fiscal deficit, fiscal discipline of State Economic Enterprises; and policy-based budgeting and to increase revenue mobilization such as prudent gas revenue management, financial viability of the power sector and effective public finance management.