By JOHN Peterson
October 13, 2012
Japan has agreed of restarting loans to Myanmar to bring it into the global economy fold, which was once a country considered an outcast in Southeast Asia.
Tokyo steps up its effort to benefit from the potential economic growth of Myanmar.
The full support to Myanmar's sustainable economic development may start early next year tentatively, says Japan's finance minister Mr. Koriki Jojima at a meeting of international officials, on Myanmar's overdue debt.
The aids will be provided in the areas of electricity, road maintenance, rural and port development. However, the amount the loan was anonymous.
It was Japan's initiative to gather major nations as a single strong unit, to deal with Myanmar's international debt. Long previous over due loans have impeded fresh inflow of funds, needed to strengthen Myanmar's growth prospects and its fledgling democracy.
The need of the hour is that international community must support to bring in reforms and reintegrate Myanmar as one of their members, said Mr. Jojima.
No comprehensive deal surfaced at the meeting, but the members present, sensed that investing in Myanmar would be very profitable as Myanmar is a potential source of raw materials and a possible large consumer market.
Past economic sanctions by the U.S., and other nations have stunted the growth of development of Myanmar since late 1990s and it is time to look for outside funding, and make Myanmar to rival other South Eastern Asian countries.
Relief for Myanmar will come from Japan, in the form of bridge loan and a write-off, confirms Mr. Jojima. Also, the World Bank, the Asian Development and its government-linked bank will be roped in together to settle the arrears of Myanmar.
October 13, 2012 | 0
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