Country’s development threatened by military takeover: World Bank

Following the coup by the military, the World Bank said it was gravely concerned about the current situation in Myanmar, warning the events risked a major setback to the country’s transition and its development prospects.

“We are concerned about the safety and security of people in Myanmar, including our staff and partners, and are troubled by the shutdown of communications channels both within Myanmar and with the outside world,” the Bank said in a statement issued late on Monday.

Reuters reported that the Bank lists USD 900 million in World Bank lending commitments to Myanmar in 2020.

Economic growth was slated to drop to just 0.5% in fiscal year 2019/20 (6.8% a year earlier), and over 7% in FY 20/21 – before the takeover.

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