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Congress Asked to Fix Slip-up in Burma Aid Bill

5 March 2014

The Obama administration is asking Congress to fix a 2012 bill that left a World Bank agency out of a list of 12 international financial institutions that could receive US support to promote development in Burma. The Multilateral Investment Guarantee Agency (MIGA) promotes foreign direct investment in emerging markets by protecting private investors from various forms of political risk. “Because of this technical problem, the United States is still required to oppose guarantees provided by MIGA for private investment in Burma,” the Obama administration said in its budget request submitted on Tuesday to Congress for fiscal 2015, which begins Oct. 1.—Reuters

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