Myanmar Financial Sector Development Project

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The development objective of Financial Sector Development Project for Myanmar is to expand access to finance in Myanmar and, in the event of an Eligible Crisis or Emergency, to provide immediate and effective response to such Eligible Crisis or Emergency. This project has five components. 1) The first component, Reform of State-owned Banks, aims to build a more competitive financial sector by reforming and reducing distortions created by state owned banks. 2) The second component, Upgrading of the Financial Sector Legal, Regulatory, and Supervisory Framework, aims to enhance legal certainty that improves soundness and stability of the financial sector and upgraded supervisory capacity. 3) The third component, Modernization of the Central Bank of Myanmar (CBM) and Financial Infrastructure, aims to support the restructuring and modernization of the central bank and the modernization of the financial infrastructure, with a focus on payment systems and the framework for secured transactions. 4) The fourth component, Project Coordination and Monitoring, aims to support the institutional capacity of the Ministry of Planning and Finance (MOPF) and CBM to coordinate program implementation and monitoring of key outcomes and results. 5) The fifth component, Contingent Emergency Response, is designed to allow for rapid reallocation of credit proceeds in the event of an eligible crisis or emergency under streamlined procurement and disbursement procedures.