The World Bank has suspended a US$200 million loan to Myanmar amid increasing world pressure over the exodus of over 500,000 self-identifying Rohingya from Rakhine State.
The bank said it was deeply concerned by the violence, destruction and forced displacement of the Rohingya and would delay the loan until conditions become better.
The World Bank said it plans to continue high-impact projects that support education, health services, electricity, rural roads and inclusion of all ethnic groups and religions, particularly in Rakhine state.
It added, We also assessed the conditions of our recently approved development policy loan and concluded that further progress is needed for the loan to be made effective.
The loan is among the 13 projects financed by the World Bank in Myanmar and was inked between the bank and the country's government in August as direct financial support to the governments union budget to help address the macroeconomic stability and fiscal resilience.
The bank said the loan, which is sourced from the World Banks fund for low-income countries, International Development Association (IDA), includes a repayment period of 38 years, with a grace period of six years and a zero interest rate.
The bank said it was deeply concerned by the violence, destruction and forced displacement of the Rohingya and would delay the loan until conditions become better.
The World Bank said it plans to continue high-impact projects that support education, health services, electricity, rural roads and inclusion of all ethnic groups and religions, particularly in Rakhine state.
It added, We also assessed the conditions of our recently approved development policy loan and concluded that further progress is needed for the loan to be made effective.
The loan is among the 13 projects financed by the World Bank in Myanmar and was inked between the bank and the country's government in August as direct financial support to the governments union budget to help address the macroeconomic stability and fiscal resilience.
The bank said the loan, which is sourced from the World Banks fund for low-income countries, International Development Association (IDA), includes a repayment period of 38 years, with a grace period of six years and a zero interest rate.