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IMF to Support Burma’s Policy, Debt Payments

18 January 2013

Burma has requested the International Monetary Fund to implement a one-year program to help with monitoring economic reforms and policies, and facilitate its arrears clearance with international creditors, according to a document released by the Fund on Thursday. The program would support Burma in achieving its stated goals of achieving sustainable and equitable growth, reducing poverty and reintegrating it with the global economy. The Fund says Burma remains in “debt distress” and it would help it clear its arrears. The country is behind in paying the World Bank, the Asian Development Bank and Japan more than US $7 billion total in loans. Japan, Burma’s biggest creditor, is already in talks to waive part of this debt.