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June 24, 2017

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Tokyo meeting to pledge US$1 bil. in funding for Myanmar: newspaper

TOKYO -- Lenders will pledge US$1 billion for Myanmar when they huddle in Tokyo next month, a report said Thursday, as the one-time pariah nation is increasingly welcomed back into the world community.

The report came as the United States said it was lifting the last major sanctions on the country, which is rapidly opening up following years of isolation.

Japanese business daily Nikkei said international bodies were readying the ground for the large-scale resumption of aid loans ahead of a meeting on the sidelines of the IMF in Tokyo early next month. The World Bank, the IMF and the Asian Development Bank (ADB) are considering extending loans worth up to US$900 million to support Myanmar's democratisation and economic development, the paper said.

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