World Bank refuses to give money to Myanmar

Canada News.Net
Tuesday 20th May, 2008

The World Bank says it will give no more money to cyclone-hit Myanmar as it has not paid existing debts.

The managing director of the World Bank, Juan Jose Daboub, said Myanmar had been in arrears since 1998.

Because the military-ruled country has not repaid its loans, he said, the bank could only provide technical support in assessing the cyclone damage and plan for reconstruction.

The World Bank has approved no new lending for Myanmar since 1987, and has no plans to resume its program.

Mr Daboub told reporters Myanmar's government had failed to enact economic and other reforms.

Aid has reportedly reached only a fraction of the estimated 2.4 million people severely affected by Cyclone Nargis.

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