ADB, WB approve fresh loans for Myanmar January 28, 2013 - 10:30 AMT PanARMENIAN.Net - The Asian Development Bank (ADB) and the World Bank have approved fresh loans for Myanmar to aid the social and economic development of the country, according to BBC News. The ADB granted $512m (£325m), while the World Bank approved a $440m credit. The loans were made possible after Myanmar cleared overdue arrears to the two banks with the aid of Japan. 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. The World Bank expects Myanmar’s economy to expand by 6.3% in the financial year 2012-13, up from 5.5% in the previous 12 months. However, many analysts have said that for the country to be able to translate that potential into actual growth it needs increased investment in key sectors. Partner news  Top stories “It’s a pity that instead of operating flights, airplanes with Armenian flags stand idle under the sun,” Ghazaryan said. The issue was discussed by Gazprom chief Alexey Miller and Armenian Minister of Energy and Natural Resources Armen Movsisyan. On Feb 23, 2012, Yerevan Jur CJSC issued application for decreasing water prices from current AMD 174,059 to AMD 166,044 per cubic meter. Finance Minister David Sargsyan met with the regional director of KfW German Development Bank Lars Oermann.   Partner news |  Latest news "The Sopranos" star James Gandolfini dies at 51  "We're all in shock and feeling immeasurable sadness at the loss of a beloved member of our family," the network said.UN chief hails China's peacekeeping efforts Ban said China has provided more peacekeepers than all the other four permanent members of the UN Security Council.Iran's Guardian Council approves presidential election result Hassan Rouhani won the election by taking nearly 51% of votes. Since he won more than half, that eliminated the need for a runoff.Friends of Syria to meet in Doha on June 22: French official Assad's forces aim to retake Aleppo, where they have been mired in a bloody stalemate with rebels for nearly a year. |
