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Myanmar President U Thein Sein recently called for effective and efficient use of international grants and loans in the people-centered development projects, saying that such aid, along with local and foreign investment, are to be used in implementing sectorwise and regionwise development projects instead of relying on the state budget only.
Accordingly, Myanmar formed the Central Committee for Managing International Aid, chaired by President U Thein Sein.
The committee also made arrangements to ensure effective utilization of natural resources and to improve the people- centered services for people-centered development.
U Thein Sein highlighted the need to deepen cooperation between Myanmar and development partners in political and economic reform for people-centered development under the Economic and Social Reform Framework.
In January this year, Myanmar launched its first Development Cooperation Forum involving local and international organizations as well as the private sector.
The forum approved the Nay Pyi Taw Accord Effective Development Cooperation, which covers prioritizing the implementation of specific sectors including achievable programs under the Economic and Social Reform Framework.
Measures for generating more income at home and international aid for development of Myanmar were also taken.
Development partners welcomed and encouraged goals of Myanmar government in financial allotment for development to be able to stand on its feet at certain period.
In the budget allotment, development partners hoped that more financial assistance will go to the key sectors, especially those poorly-funded ones.
They also approved that aid will be used effectively in Myanmar 's reform process that will help get more international aid.
Significantly, after Myanmar settled 430 million U.S. dollars' debt early this year owed to the World Bank since 1973, the World Bank Group (WBG) supported Myanmar with 80 million dollars' grant in carrying out national community-driven development project, which was designed to help 3.5 million people in rural communities with improvements in infrastructure over six years, as well as analytical work to improve public financial management.
As a follow-up, the World Bank Group in September approved again a 140 million U.S. dollars' 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.
The move was said to represent a critical declaration of the WBG's commitment to support the development of Myanmar.
Myanmar received international aid in various terms of loans or grants such asJapan's Official Development Assistance (ODA), loan of EXIM Banks of South Korea and China, low-interest or soft loans of Asian Development Bank and the World Bank.
