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Two hundred and eighteen civil society organizations from Burma (Myanmar) and globally have urged
International Financial Institutions (IFIs) to immediately freeze loans and other financial
assistance to the country amounting to an estimated US$11Billion. In a joint letter led by 120
civil society groups in Burma (Myanmar), signatory organizations demanded that IFIs recall loans
linked to the junta and military companies, and reassess engagement to ensure they do not
benefit the junta that overturned the elected government in the 1 February 2021 coup d’état.
The letter emphasized the need for IFIs to stand with the civilian population instead of the
Burmese junta, military (Tatmadaw)-linked companies, or their cronies.
The letter sent to the World Bank Group, International Monetary Fund, Asian Development
Bank and the Asian Infrastructure Investment Bank on Wednesday 17 February, demanded
that the IFIs:
As of February 2021, the following project finance (combined amount of current and pipeline
projects with IFI commitments via loans, grants, guarantees, financial intermediaries, other
financing modalities), support to COVID-19 response, and other financial transactions,
totaling slightly more than US$ 11 Billion, have been noted:
• International Monetary Fund (IMF): US$689.24 million for outstanding loans and
• Consolidated COVID-19 response support from World Bank($818.53M), ADB
($394M) and IMF ($356.5): roughly US$1.6 billion
These loans are particularly concerning because they are likely to embolden the military junta
to escalate its crackdown on the Civil Disobedience Movement, ongoing attacks against
civilians in ethnic zones, and its highly militarized COVID-19 pandemic response, which all
pose threats to regional human security and stability.
The letter and the list of signatories is available at https://www.burmataskforce.org/international-financial-institutions-ifis-and-state-donors-stop-loans-and-fully-reassess-burma-policy-in-light-of-coup-detat-do-not-fund-the-military-junta-or-its-cronies/
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