Myanmar seeks flood rehabilitation loan
Play
Myanmar has sought a special loan to finance post-flood rehabilitation activities, according to a source at the Finance Ministry.
The source said that the request was floated while the ministry’s delegates attended the 2015 Annual Meetings of the World Bank Group and the International Monetary Fund in Peru in October. Finance Minister Win Shein and the Central Bank of Myanmar Governor Kyaw Kyaw Maung led the delegation.
The source said that the delegates discussed with World Bank and IMF officials over the special loan.
Requesting anonymity, the source did not mention the amount Myanmar was seeking. He said that the inspection team would be dispatched to assess the actual situation.
Myanmar witnessed flood disasters during June and August due to storms and heavy rain. According to the government’s figures, more than 17,000 houses were inundated, along with 528 schools and nearly 5,000 buildings including monasteries. About 1.4 million acres of farmland were flooded and half of them were completely ruined. The total damage was estimated about Ks165 billion or approximately US$129 million.
International aid poured into the country but the total of $25 million remains inadequate.
The list of international donors was extensive, covering France, Germany, the US Agency for International Development and Asian Development Bank, among others.
