HR 4423
No New Burma Funds Act
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Bill overview
This bill, the No New Burma Funds Act, aims to maintain a halt on the World Bank’s financial assistance to Burma. It directs the U.S. representative at the International Bank for Reconstruction and Development to advocate for and vote in favor of continuing this pause. The pause was initially put in place following a military coup in 2021. The bill seeks to ensure that the World Bank does not provide new loans or investments to the Burmese government unless it’s deemed to be in the U.S. national interest.
Key provisions
- Directs the U.S. Executive Director at the IBRD to support a continued pause on disbursements.
- Requires the U.S. Executive Director to vote in line with the pause on new financing commitments.
- The pause was initiated following a military coup in Burma in 2021.
- Allows the Secretary of the Treasury to override the pause if it’s not in the national interest.
Who is affected
- The Government of Burma
- The International Bank for Reconstruction and Development (IBRD)
- The United States Government
- Middle-income countries and some creditworthy low-income countries receiving World Bank loans
Notable changes
- Continues a previously established policy of restricting World Bank funding to Burma.
- Provides a mechanism for the U.S. to maintain its stance on financial support during a period of political instability.
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119th CONGRESS — 1st Session
H. R. 4423
IN THE HOUSE OF REPRESENTATIVES
A BILL
To continue the pause on disbursements and new financing commitments to the Government of Burma.
This Act may be cited as the No New Burma Funds Act
.
The Secretary of the Treasury shall direct the United States Executive Director at the International Bank for Reconstruction and Development to use the voice and vote of the United States to continue the pause by the Bank on disbursements and the making of new financing commitments to the Government of Burma, which was initiated after a military coup overthrew the democratically elected Government of Burma in 2021, unless the Secretary of the Treasury determines that it is not in the public interest to do so.