TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
ADB suspends funding for projects in Myanmar after military coup
The ADB said it "remains deeply concerned" about the situation in the country, particularly the lives lost during protests as security forces used violence to quell them. "We will continue to consult with shareholders and other stakeholders," it added.
Change Size
People hold up the three finger salute during the funeral procession for protester Kyal Sin, in Mandalay on March 4, 2021, a day after she was shot in the head while taking part in a demonstration against the military coup. (Agence France Presse/STR)
T
he Asian Development Bank has temporarily suspended funding for government projects in Myanmar following last month's military coup in the Southeast Asian country.
"As the international community assesses the evolving situation, ADB has placed a temporary hold on sovereign project disbursements and new contracts in Myanmar effective 1 February 2021, consistent with our internal guidelines," the multilateral bank said in a statement on Wednesday.
The ADB said it "remains deeply concerned" about the situation in the country, particularly the lives lost during protests as security forces used violence to quell them. "We will continue to consult with shareholders and other stakeholders," it added.
The latest move by the ADB puts in question the fate of hundreds of millions of dollars in infrastructure projects the bank is supporting in Myanmar, including a project to improve rural roads.
The ADB committed loans and grants totaling $2.4 billion for Myanmar between 2013 and 2019. Cumulative loan and grant disbursements by the ADB to Myanmar amount to at least $1.51 billion.
Alleging widespread voter fraud in last year's general election, Myanmar's military ousted the country's elected government led by Aung San Suu Kyi. She and other prominent political figures remain in detention.
The coup sparked a wave of protests among Myanmar people, but security forces have increasingly resorted to violence to quell them. At least 54 people have been killed in protests as of March 4, with over 1,700 people placed under arbitrary arrest and detention, according to the UN human rights office.
