09:15 | 03/05/2017 Global Economy
The World Bank (WB) has approved a 200-million-USD credit to Myanmar through the Development Policy Operation (DPO) program to help the country maintain a stable growth and reduce poverty.
|Illustrative image (Source: AFP)|
According to the WB’s announcement on April 28, the credit is to assist the Myanmar Government in promoting macro-economic stability and fiscal resilience and increase budget resources for people’s greater access to quality public services.
The WB-supported 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. It also provides long-term and concessional financing for critical public investments.
The program will undertake reforms to promote prudent public debt management and policy-based budgeting, and to increase state revenue collections by boosting prudent gas revenue management and effective public finance management.