World Bank Says No to Myanmar Financial Aid

By: Associated Press Email
By: Associated Press Email

Singapore (AP) A top World Bank official says the bank won't give financial aid or a loan to cyclone-hit Myanmar because of its outstanding debts.

The managing director says the World Bank is working with southeast Asian countries by providing technical support to assess damages in Myanmar and help plan rehabilitation efforts.

But he says it is “not in a position” to provide financial resources to Myanmar because the military-ruled nation has been in arrears with the World Bank since 1998.

His comments come ahead of an aid donors' conference in Yangon on Sunday to pledge funds for Myanmar. The country has said that losses from the recent cyclone exceed $10 billion.

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