The Central Bank of Myanmar (CBM) hosted today the first meeting of the Financial Sector Technical Assistance Coordination Group for Myanmar in Nay Pyi Taw. Participants included multilateral agencies-- Asian Development Bank, International Finance Corporation, International Monetary Fund (IMF), Livelihoods and Food Security Trust Fund (LIFT) , the Toronto Centre: Global Leadership in Financial Supervision, and the World Bank – as well as bilateral development partners – Bank Negara Malaysia, Bank of Thailand, Deutsche Gesellschaft fur Internationale Zusammenarbeit, Financial Services Agency of Japan, Japan International Cooperation Agency, and the United Kingdom Department for International Development.
Participants committed to coordinating their delivery of technical assistance to the financial sector in Myanmar, and agreed to meet every six months. The meeting also agreed to establish a number of sub-sectoral groups to carry forward their work plans and develop milestones for monitoring performance. Development partners agreed to share their plans, programs, and advice in order to avoid technical assistance duplication, and promote sequenced, coordinated and complementary assistance to the financial sector in Myanmar.
The Conference follows an informal donor meeting held at the IMF in Washington, D.C. at the 2013 IMF-World Bank Annual Meetings where the Governor of the CBM discussed the need for increased communication among the many financial sector development partners in Myanmar. As a result the CBM and IMF have been working with other agencies to document financial sector support strategies in Myanmar.
It was agreed that development partners who were not able to participate in the meeting would be welcome to join the Group.