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AFP-Myanmar junta invites World Ban

Subject: AFP-Myanmar junta invites World Bank for talks

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Monday, November 15 1:11 PM SGT=20
Myanmar junta invites World Bank for talks
BANGKOK, Nov 15 (AFP) -=20
Myanmar's junta said Monday it has invited the World Bank for talks =
after being presented with a scathing study recommending political =
reform as the only path to healing its shattered economy.

A spokesman for the ruling generals revealed to AFP the bank had been =
invited to send representatives to Yangon, but declined to give further =
comment on the findings of the secret World Bank report.

"The government of Myanmar has invited the World Bank representatives =
for further discussions," a faxed letter said.

"For the time being there is no comment to give on the World Bank's =
findings," it added.

World Bank officials could not immediately be reached for comment.

In a confidential report, the World Bank blamed Myanmar's military for =
the country's stagnant economy, telling its ruling generals political =
and human rights reform were the solution to achieving prosperity on a =
par with its neighbours.

The report was leaked and its findings published by the International =
Herald Tribune over the weekend.

Copies of the scathing assessment were delivered secretly to Yangon's =
top generals and democratic opposition leader and Nobel laureate Aung =
San Suu Kyi by a World Bank envoy accompanying a special representative =
of United Nations chief Kofi Annan last month.

The study was based on an examination of Myanmar's economy that had =
reportedly received "unusual cooperation" from the junta.

Its findings are critical of the military's economic management, =
pointing an accusing finger at the generals rather than Asia's financial =
crisis as the main source of the country's economic malaise.

It says the country is facing the same economic woes it did a decade ago =
when the current junta took power, and that no progress has been made.

It warns that a dangerous build-up of debt due to agricultural subsidies =
could erupt into a systemic banking crisis, the report said according to =
the Tribune.

Inflation is running at its fastest pace in a decade, while foreign =
investment approvals plunged 95 percent in the last fiscal year.

The junta's current policies are likely to exacerbate poverty and =
devastate national cohesion, it adds.=20

The World Bank's findings stand in contrast to Myanmar's official =
policy, and that of some Asian governments, that a firm economic base =
can and must be achieved before the country can risk giving its people =
more political freedoms.

The document represents continued cooperation between the World Bank and =
the United Nations, which last year are reported to have unsuccessfully =
offered the junta one billion dollars in aid to open dialogue with Aung =
San Suu Kyi's opposition.


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<DIV><FONT face=3DArial size=3D2><B>Monday, November 15</B> 1:11 PM SGT=20
<H2>Myanmar junta invites World Bank for talks</H2>BANGKOK, Nov 15 (AFP) =
-=20
<P>Myanmar's junta said Monday it has invited the World Bank for talks =
after=20
being presented with a scathing study recommending political reform as =
the only=20
path to healing its shattered economy.</P>
<P>A spokesman for the ruling generals revealed to AFP the bank had been =
invited=20
to send representatives to Yangon, but declined to give further comment =
on the=20
findings of the secret World Bank report.</P>
<P>"The government of Myanmar has invited the World Bank representatives =
for=20
further discussions," a faxed letter said.</P>
<P>"For the time being there is no comment to give on the World Bank's=20
findings," it added.</P>
<P>World Bank officials could not immediately be reached for =
comment.</P>
<P>In a confidential report, the World Bank blamed Myanmar's military =
for the=20
country's stagnant economy, telling its ruling generals political and =
human=20
rights reform were the solution to achieving prosperity on a par with =
its=20
neighbours.</P>
<P>The report was leaked and its findings published by the International =
Herald=20
Tribune over the weekend.</P>
<P>Copies of the scathing assessment were delivered secretly to Yangon's =
top=20
generals and democratic opposition leader and Nobel laureate Aung San =
Suu Kyi by=20
a World Bank envoy accompanying a special representative of United =
Nations chief=20
Kofi Annan last month.</P>
<P>The study was based on an examination of Myanmar's economy that had=20
reportedly received "unusual cooperation" from the junta.</P>
<P>Its findings are critical of the military's economic management, =
pointing an=20
accusing finger at the generals rather than Asia's financial crisis as =
the main=20
source of the country's economic malaise.</P>
<P>It says the country is facing the same economic woes it did a decade =
ago when=20
the current junta took power, and that no progress has been made.</P>
<P>It warns that a dangerous build-up of debt due to agricultural =
subsidies=20
could erupt into a systemic banking crisis, the report said according to =
the=20
Tribune.</P>
<P>Inflation is running at its fastest pace in a decade, while foreign=20
investment approvals plunged 95 percent in the last fiscal year.</P>
<P>The junta's current policies are likely to exacerbate poverty and =
devastate=20
national cohesion, it adds. </P>
<P>The World Bank's findings stand in contrast to Myanmar's official =
policy, and=20
that of some Asian governments, that a firm economic base can and must =
be=20
achieved before the country can risk giving its people more political=20
freedoms.</P>
<P>The document represents continued cooperation between the World Bank =
and the=20
United Nations, which last year are reported to have unsuccessfully =
offered the=20
junta one billion dollars in aid to open dialogue with Aung San Suu =
Kyi's=20
opposition.</P></FONT></DIV></BODY></HTML>

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