Military Regime Conducts Coup, World Bank Suspends All Funds For Myanmar

Myanmar military regime meeting. (Source: seniorgeneralminaunghlaing.com.mm)

JAKARTA - Since the beginning of this week, the World Bank was said to have informed the Myanmar military regime of the suspension of disbursement of funds for development operations in various sectors, from electricity, education, to health in the country.

In its notification, the World Bank said it would not process any withdrawal applications received on or after February 1, given the current conditions in Myanmar.

The suspension was carried out in line with the ongoing coup, followed by the detention of Myanmar political figures, including Myanmar Leader Aung San Suu Kyi and President Win Myint, as well as the detention of hundreds of democratic activities.

Also, the deaths of four civilians and hundreds of others were injured as a result of the repressive actions of the military regime, causing criticism from various parties, followed by the suspension of aid and the imposition of sanctions.

"The statement is true, the World Bank has also suspended all ongoing protections that have commitments. The bank is carefully following the situation to monitor compliance with its policies", the official said, launching The Irrawaddy.

According to the World Bank's list of development projects, there are at least 24 projects related to them currently underway in Myanmar worth billions of dollars. The bank official said a more detailed figure for the estimated value of the total projects underway in Myanmar is currently not available.

The World Bank said it would make direct payments to suppliers, contractors, or consultants whose withdrawal requests the bank had received before February 1.

Then, the proceeds previously disbursed by the bank to the designated project account can only be used for expenses that meet the conditions agreed upon with the bank.

Also, the World Bank conveyed the possibility of requesting a refund that is deemed unnecessary at this time, for the implementation of other project activities.

For information, the World Bank on February 19 expressed its concern regarding the Myanmar military coup. The World Bank said that this condition was a major setback for the transition to democracy and its development prospects in the Thousand Pagoda Country.