The World Bank has expressed concerns at the recent takeover by the military of all powers and the government in Myanmar and has said that these developments threaten to adversely affect the pace of economic development in the country. In a statement, the World Bank said: “The World Bank Group is gravely concerned about the serious situation in Myanmar and the events of February 1, which constitute a major setback to the country’s transition and its development prospects. We are concerned about the wellbeing of people in Myanmar, and are troubled by the limitations imposed on some channels of communications both within Myanmar and with the outside world. For the last decade, the World Bank Group has been a committed partner in supporting Myanmar’s transition to democracy, and its efforts to achieve broad-based sustainable growth and increased social inclusion. We remain firmly committed to these goals and to the development aspirations of the people of Myanmar”.
Citing electoral fraud, the military in Myanmar staged a coup and detained State Counselor Daw Aung San Suu Kyi and also declared a one-year state of emergency.