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Cold storage factories to be built with $4m World Bank loan

US$4 million will be loaned from the World Bank to build cold storage factories for livestock products in Yangon, Bago and Ayeyawady Regions, said Dr Ye Tun Win, director general of the Livestock and Veterinary Department. He disclosed the information during a video conference between State Counsellor Aung San Suu Kyi and departmental officials over […]

World Bank’s Myanmar Economic Monitor 2020

Executive Summary   The Covid-19 pandemic has interrupted Myanmar’s economic expansion, and while Myanmar is expected to narrowly escape a recession, helped by a strong start to the fiscal year, policy responses, and the limited disease outbreak, the growth recovery is at great risk. Myanmar’s GDP growth is estimated to drop from 6.8 percent in […]

Myanmar projected to grow at 0.5pc, poverty rates to rise: World Bank

The global consequences of the COVID-19 pandemic is dealing a severe blow to Myanmar’s economy, the World Bank said on June 25. As a result, the country’s economy is forecast to expand by just 0.5pc in the current fiscal year, compared to 6.8pc in fiscal 2018-19. If the pandemic draws on for much longer, the […]

World Bank: Myanmar Economy to See Growth Drop by 6.3% This Fiscal Year Due to COVID-19

YANGON—The latest report from the World Bank says Myanmar’s economic growth could drop from 6.8 percent to 0.5 percent this fiscal year, as the country has been severely hit by impacts from COVID-19. The 2019-2020 fiscal year began on Oct.1, 2019 and ends on Sept. 30. “The global COVID-19 pandemic is dealing a severe blow […]

Myanmar growth to slow in 2020 but rebound next year, World Bank says

Although economic growth for Myanmar is forecast to slow to 1.5 percent in 2020 due to the COVID-19 pandemic, this could rebound to 6pc by 2021, according to the World Bank’s Global Economic Prospects 2020 report released on June 8. The economy grew 6.3pc in 2019. The slowdown is a result of domestic shutdowns, reduced […]

World Bank Approves $460 Million Funding for Power Generation, Health Services in Myanmar

YANGON—The World Bank (WB) has announced it will provide a total of US$460 million (645 billion kyats) in credit to Myanmar to upgrade electricity power generation projects and increase access to quality essential health services, with a focus on maternal, newborn and child health. The WB said on Saturday its board approved $350 million in […]

Myanmar to receive agriculture loan from World Bank

A senior government official has revealed that Myanmar will receive a loan of US$200 million (K277 billion) from the World Bank. Deputy Minister of Agriculture, Livestock and Irrigation U Hla Kyaw said during the sitting of the Pyidaungsu Hluttaw (Assembly of the Union) on May 26 that the loan will be used to boost food […]

New insolvency legislation passed

Pyidaungsu Hluttaw on February 14 passed a new Insolvency Law to further strengthen the business environment and draw more foreign investors to the country. The new legislation will become effective after a notification is issued by the President of Myanmar. The new law replaces the Yangon Insolvency Act (1909) and the Myanmar Insolvency Act (1920). […]

Conflicts in Myanmar a challenge for businesses, says World Bank

Myanmar is expected to grow at a rate of 6.4 percent in fiscal 2019-20 from as a result of higher government spending and private investments but a rising occurrence of conflict and violence could hold investors back, according to the World Bank’s Myanmar Economic Monitor report, released Tuesday. The report noted that the presence of […]

Ayala and Yoma team up to close Myanmar’s infrastructure gap

Conglomerates’ power and water plans promise to help offset limited public funds A girl collects drinking water outside Yangon: Myanmar’s economic development hinges on the construction of more modern infrastructure. © Reuters YANGON — If there is one thing Myanmar needs, it is infrastructure. Now, Yoma Group, one of the country’s biggest conglomerates, is looking […]