Easy money for Myanmar

EDITORIAL

Published: 30 Jan 2013 at 00.00
Newspaper section: News

Myanmar announced this week it has convinced banks and international aid givers to make deals that clear away debts and open the country to potentially profitable business. Other countries will pay off billions of dollars owed to the World Bank and the Asian Development Bank (ADB). In return, Myanmar effectively gets a clean rating and a new line of credit. The international agencies and foreign businesses get a massive new opportunity to invest in Myanmar.

It seems a sweet deal all around. But the backroom deals that led to Monday's surprise announcement were free of all accountability. The governments that finance aid loans and projects concluded the agreements in secret. The government of Myanmar, while basking in the praise of its public acceptance of some democratic reform, was not even asked about mass abuses of the past, some of which are continuing.

It has become popular to refer to Myanmar as if 60 years of military dictatorship ended at a pen stroke and a general election. There are the bad days of tyranny by the Myanmar military, and then there is the new time, when political prisoners are freed and an elected parliament meets. It would be nice if this simplistic view of Myanmar were true. Unfortunately, the new regime under President Thein Sein still has a long way to go before his reforms result in a democratic and accountable Myanmar.

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boons
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Discussion 4 : 30 Jan 2013 at 20.354
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So does that mean they can deal with their own social problems now? There are thousands of refugees fleeing the country. Perhaps some of those dollars should be earmarked for dealing with their growing Rohinhya crisis.
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lungstib
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Discussion 3 : 30 Jan 2013 at 11.503
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Amazing what governments will ignore when they think there is money to be made.
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Eggmeng
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Discussion 2 : 30 Jan 2013 at 09.182
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The World Bank and the ADB had their heels dug in. No more assistance until repayment. They also knew that without massive international aid, Myanmar's reform movement was at risk. Billions are needed for basic infrastructure. Japan, who provided the bridge loans, will reap huge benefits. Perhaps it's a reward for having shown patience during all those years of sanctions, while their Asian neighbors got the jump in Myanmar.

Endless reminders of the past and the withholding of critical aid is not the way forward in Myanmar, democracy is. Even Aung San Suu Kyi, whose party is set to take power in 2015, has become a pragmatist.
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amazed
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Discussion 1 : 30 Jan 2013 at 06.141
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The message for the public is, "How thrilled we are that our wayward son has seen the light and returned to the fold". The reality (as usual) is "Hurry and get in on the benefits while we can, no questions asked." Business and governments can be so greasy and disgusting at times, especially when they try to make their behavior sound so altruistic.
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Easy money for Myanmar | Bangkok Post: opinion