75064
                        Republic of the Union of Myanmar: Reengagement
                                               and
                                      Reform Support Credit

                                   SUMMARY OF DISCUSSION

                              Meeting of the Executive Directors

                                          January 22, 2013


        The Executive Directors approved the credit to the Republic of the Union of Myanmar
for the Myanmar Reengagement and Reform Support Program in the amount of SDR 287.75
million (US$440 million equivalent) on the payment terms and conditions set out in the
President’s Memorandum (IDA/R2012-0300).

        Directors welcomed the project’s objectives to support Myanmar’s critical reform
program to strengthen macroeconomic stability, improve public financial management and
improve the investment climate, which will in turn help accelerate growth, generate employment,
and reduce poverty. In particular, they emphasized that improved public financial management,
together with enhanced fiscal transparency, will be critical to improve public service delivery.
They also underscored the importance of both the Government’s commitment for these nascent
reforms at this critical stage of development, as well as the role of the international community in
supporting these reforms in a well sequenced way. Additionally, they highlighted the importance
of a clear communication strategy around the program’s objectives, as well as complementary
technical capacity building, including human resources, to address limited implementation
capacity.

       Directors also noted the significance of this program to the Bank’s re-engagement with
Myanmar through its role in facilitating the clearance of arrears. Looking ahead, the Directors
emphasized the need for continued close coordination with other donors, particularly with the
IMF, as well as consultations with stakeholders outside Government.





This summary is not an approved record.