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IMF’s $8 billion fund is ready to back Myanmar’s transition

June 20, 2021 Comments Off on IMF’s $8 billion fund is ready to back Myanmar’s transition By admin

Myanmar has received the first of four IMF grants totaling $8.5 billion for its transition to democracy.

The fund, known as the International Monetary Fund (IMF), is the first time that the United States and other developed nations have backed Myanmar’s democracy transition.

The IMF is an intergovernmental organization that works to promote development and help developing countries to build institutions and policies to address their economic, social, and environmental challenges.

The group has more than 200 member nations.

The money was approved on Friday by a special meeting of the IMF Board of Governors in Washington.

In a statement, the IMF’s managing director Christine Lagarde said the fund was ready to assist Myanmar in its transition and to help it develop institutions that are transparent, responsive to stakeholders, and accountable to the public interest.

“We welcome the announcement that the IMF will support the government in its efforts to achieve greater governance in Myanmar,” she said.

Lagarde said in the statement that Myanmar is “an example of an emerging democracy in a developing country that has taken on a number of challenges over the past decade and has made remarkable progress toward realizing the vision of a democratic and accountable state.”

In recent years, the country has been plagued by political turmoil and a bloody crackdown on the Rohingya minority, an ethnic group in Myanmar that has been persecuted for decades.

About 90 percent of the country’s population is Buddhist, and the majority are Muslim.

It is the countrys largest ethnic minority and its economic development has been hampered by the violence.

The violence has resulted in thousands of deaths and tens of thousands of Rohingya refugees fleeing to neighboring Bangladesh.

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