Myanmar to effectively utilise international aid for development

Myanmar President U Thein Sein has called for effective and efficient use of international air and grants for the country's development projects.

Such aid and local and foreign investment is to be used in implementing various development works and for this a central committee for managing international aid has been formed, the president said, reported Xinhua Wednesday.

The committee also made arrangements to ensure effective utilisation of natural resources and improve people-centred services.

In January 2013, Myanmar launched its first Development Cooperation Forum involving local and international organisations along with the private sector.

Measures for generating more income at home and international aid for development of Myanmar were also taken.

Significantly, after Myanmar settled a $430-million debt early this year owed to the World Bank since 1973, the World Bank Group (WBG) supported Myanmar with a $80-million grant in carrying out national community-driven development project.

The project was designed to help 3.5 million people in rural communities with improvements in infrastructure for six years..

As a follow-up, the WBG in September approved again a $140-million interest-free loan to Myanmar for building a new gas-fired power plant in Mon state to increase reliable electricity for the people of Myanmar.