Over 200 civil society groups call for suspension of IFI loans to Myanmar following military coup

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Inclusive Development International joined over 200 civil society organizations from Myanmar and globally in urging international financial institutions like the World Bank, International Finance Corporation and Asian Development Bank to immediately freeze loans and other financial assistance to Myanmar in light of the recent military coup.

Inclusive Development International joined over 200 civil society organizations from Myanmar and globally in urging international financial institutions like the World Bank, International Finance Corporation and Asian Development Bank to immediately freeze loans and other financial assistance to Myanmar in light of the recent military coup.  

The statement calls on the international financial institutions to halt all lending obligations and suspend disbursements, pending grants, and loans to all military and military-linked businesses and individuals, including military-linked “crony companies,” and companies with ties to individuals who have been internationally sanctioned. It calls for scrutiny of private sector loans to identify both pre-existing and new linkages between clients and military companies to ensure that no military-linked enterprise would benefit from either direct or indirect financing.

The statement urges due diligence on all loans in Myanmar to ensure they safeguard the rights of communities and their environment and protect civil space, and it emphasizes that humanitarian aid should be distinguished from finance that supports the junta.  It calls on the international financial institutions to work together and in solidarity with the people of Myanmar to demonstrate their respect for the rule of law and rejection of military violence by aligning themselves with strong targeted sanctions against the military and its cronies—not against Myanmar’s people. 

The full statement is available here.

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