Former World Bank Chief Economist Joseph Stiglitz said Burma should secure the revenue accumulated through its oil and natural gas sales into a sovereign wealth fund to avoid the “resources curse” and distribute wealth more equitably. “Many countries with large natural resources have not done well … in terms of growth, equity, poverty reduction,” the Nobel prize-winning economist said in an interview with CNBC. “[W]e’ve studied the causes and what can be done about it,” he added, suggesting that the fund could also be used to stabilize exchange rates.
Exodus: Tens of Thousands Flee as Myanmar Junta Troops Face Last Stand in Kokang
Myanmar National Democratic Alliance Army troops are opening roads and pathways through forests for people to flee Kokang’s capital as...
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