Richard The United States House of Representatives passed the No New Burma Funds Act, bill cancelling funding from the World Bank to the military junta.
The bill’s primary purpose is to ensure that the United States does not provide new financing and loans to the Myanmar military junta through the International Bank for Reconstruction and Development (World Bank).
The funding freeze is due to the military junta’s illegal seizure of power from a democratically elected government in 2021.
The World Bank’s U.S. executive director authorized the Treasury Secretary to block funding for the military junta.
The decision was made in the national interest.
The bill effectively halts new financing and prevents further loans and grants to the current military junta.
The funding cut is said to be in support of pro-democracy movements.
The bill (H.R. 4423 – No New Burma Funds Act) was introduced by Representative Nikema Williams and passed with 385 votes in favor and no opposition on December 1.
“I introduced the bill with my colleague Rankin, and the United States House of Representatives voted to suspend new World Bank disbursements and financial commitments. We did this because four years ago the military junta overthrew the democratically elected leaders of the ruling National League for Democracy party,” she said.
“Since the military junta took power in Myanmar, we have seen widespread displacement, a decline in education, health care, and economic opportunities, as well as brutal violence,” she added.
“As the Burmese military junta has illegally seized power for nearly five years, the civil war in Myanmar has become more intense. The military junta has decided to suspend these funds because they will use money that will only further harm the people,” the United States House of Representative said.
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