WASHINGTON:The World Bank on Monday said it was gravely concerned about the current situation in Myanmar and a military takeover of power, warning the events risked a major setback to the country’s transition and its development prospects.
"We are concerned about the safety and security of people in Myanmar, including our staff and partners, and are troubled by the shutdown of communications channels both within Myanmar and with the outside world," the Bank said in a statement issued late on Monday.
Myanmar's army on Monday handed power to military chief General Min Aung Hlaing and imposed a year-long state of emergency, saying it had responded to what it called election fraud.
The move sparked condemnation from Western leaders and a threat of renewed sanctions by the U.S. government, and raised questions about the outlook for a million Rohingya refugees.
The World Bank said it had been a committed partner in supporting Myanmar’s transition to democracy for the past decade, as well as its efforts to achieve broad-based sustainable growth and increased social inclusion.
"We remain committed to these goals. Our thoughts are with the people of Myanmar," the statement said.
The Bank's website lists $900 million in World Bank lending commitments to Myanmar in 2020, and $616 milliion in 2017.
It cited what it called measurable improvements in social welfare since the country’s opening in 2011, with poverty falling to 25% in 2017 from 48% in 2005.
Reform momentum slowed after 2016 as a newly elected civilian government grappled with defining its economic vision, the Bank, although it said the government had recently adopted an ambitious sustainable development plan and reinvigorated its economic reform agenda.
Economic growth was slated to drop to just 0.5% in fiscal year 2019/20 from 6.8% a year earlier, the Bank said, although it said the economy could contract as much as 2.5% if the COVID-19 pandemic was protracted.
Reuters
Tue Feb 02 2021
Soldiers stand guard at a Myanmar's military checkpoint on the way to the congress compound in Naypyitaw, Myanmar. REUTERSpic
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.