YANGON, June 25 (Xinhua) -- Myanmar and the World Bank Group have renewed an agreement of the Country Partnership Framework (CPF), extending it to two more years to help the country end extreme poverty and promote inclusive growth especially in rural areas, official media reported Sunday.
Over the next two years, up to 1.2 billion U.S. dollars financed by the International Development Association (IDA), a financing subsidiary of the World Bank Group, will be earmarked for Myanmar with technical assistance and advisory services, a statement of the World Bank Group was quoted as saying.
The CPF agreement, which began in 2015, has benefited some 5.4 million Myanmar people in terms of better schools, roads and other infrastructure. Stipends under the agreement have helped 150,000 more students to attend school.
Describing the extension of the CPF agreement as closely aligning with Myanmar's economic policy, U Kyaw Win, Minister of Planning and Finance, said it helps the country to consolidate progress and advance toward achieving key development priorities, such as rural development and fostering human capital through efforts to improve nutrition, infrastructural development and creation of jobs.
In April, the World Bank approved 200 million U.S. dollars' credit to Myanmar to assist the country maintaining a stable economy for growth and poverty reduction.
A single purchase
