YANGON, September 12, 2013 – The World Bank released the following statement on recent Myanmar media reports concerning the settling of arrears earlier this year by the Government of Myanmar with the World Bank:
“Mr. Jelson Garcia works for Bank Information Center, a non-government organization. He does not represent the World Bank or speak on behalf of the World Bank.
The Government of Myanmar made a strategic decision to clear its arrears to the World Bank and gain access to long term interest free financing to support reforms for the benefit of the people of Myanmar. This was a prudent decision at a moment of potential macroeconomic stress and sent a positive signal to the global community. It is common practice for Governments to hold reserves in foreign bank accounts in order to facilitate importation of goods and services and management of the exchange rate.”
