World Bank Suspends Funding Support to Myanmar

"COVID-19 Emergency Support Will Be Maintained"

[Image source=Yonhap News]

[Asia Economy Reporter Yujin Cho] As international outrage over the Myanmar military's violent crackdown grows daily, the World Bank has decided to suspend financial support to Myanmar.

According to major foreign media on the 25th (local time), the World Bank halted payments for withdrawal requests made after the Myanmar military coup on the 1st.

On its website, the World Bank stated, "We are closely monitoring and assessing the situation in Myanmar," and "Payments for project implementation in Myanmar have been temporarily suspended since the 1st."

Funds already disbursed can only be used within the agreed scope with the World Bank, and project funds not currently needed will be reclaimed.

David Malpass, President of the World Bank, said, "We are approaching (financial support to Myanmar) very cautiously," and expressed the intention to continue support for ongoing projects such as COVID-19 emergency aid.

Last year, the World Bank approved $350 million (approximately 392 billion KRW) in funding to support medical services and farming households in Myanmar due to COVID-19.