World Bank re-engages Myranmar

Political reform in Myanmar has paved the way for World Bank intervention in the country, including an $80 million grant, bank officials said Friday. The World Banks is providing the grant to help the government provide assistance for "the poor and vulnerable," said Pamela Cox, World Bank vice-president for East Asia and the Pacific, in a conference call. "We want to target to creating opportunities for all the people of Myanmar," she said. "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," World Bank President Jim Yong Kim said in a statement. Myanmar, formerly called Burma, replaced its military leadership with the November 2010 election that gave the job of president to a civilian, Thein Sein. The BBC reported the new administration has freed many political prisoners, including pro-democracy leader Aung San Suu Kyi, whose party is now represented in parliament. The government is now expected to hold local elections to choose representatives for regional councils that will decide where their slice of the $80 million can be best put to use. The World Bank has also set aside $165 million for future lending to the government that will be available once it clears $406.5 million arrears to the World Bank, The Wall Street Journal reported.