Media Note
Office of the Spokesperson
Washington, DC
October 18, 2012

On October 12, the Secretary of State made a determination that it is in the national interest of the United States to support international financial institution (IFI) assistance to Burma. The determination paves the way for the United States to support assistance to Burma through IFIs and to continue to support ongoing reform efforts.

This determination carries out the requirements of recent legislation (H.R. 6431; P.L. 112-192) passed by the Congress and signed by the President. Prior to this legislation, the U.S. Executive Directors at international financial institutions, including the World Bank, International Monetary Fund, and Asian Development Bank, did not vote in support of any projects or programs for Burma that required a Board decision. This determination will enable the United States to vote on assistance to Burma during the World Bank’s upcoming Board meetings in early November.

The determination will also provide the United States with the ability to shape the policies and activities of the IFIs in a way that advances reform, good governance, transparency, and accountability in Burma. The United States supports the Burmese Government’s ongoing reform efforts, and believes the IFIs have a critical role to play in helping promote stronger institutions to ensure sound economic policy and good governance in Burma.

PRN: 2012/1667