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Annual Report 2002 : Mekong

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Myanmar

Economic performance

Official data indicate that GDP in Myanmar grew by 11.1% in fiscal year (FY)2001 (ending 31 March 2002) in part because of rapid growth in agriculture, livestock and fisheries, and the processing and manufacturing sectors. Inflation accelerated to 56.8% by the end of 2002. The fiscal deficit narrowed from 8.4% in FY2000 to 6.6% of GDP in FY2001. The deficit was financed largely through central bank credit. The kyat depreciated in FY2001 by about 70% relative to its value at the start of the year. The overall balance-of-payments position was in surplus by kyat 1,733.2 million; the current account was at a deficit by kyat 844.8 million in FY2001. Capital inflows in FY2001 were low, and international reserves covered about 2.3 months of imports.

ADB operations

Operational strategy: ADB continues to monitor economic developments in Myanmar. An operational strategy will be formulated when appropriate.

Loans and technical assistance: No loans have been provided to Myanmar since 1986 and no technical assistance since 1987.

Project implementation: Since joining ADB in 1973, Myanmar has received 32 loans totaling $530.9 million. There are no ongoing loans in Myanmar.

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