IFC Clarifies Bagan Loan to in-Limbo Hotel, While Govt Says Status Remains Up in The Air

The International Finance Corporation’s funding of a local hotel developer whose Bagan tourism project remains in limbo is dependent on government approval, the IFC clarified yesterday. On October 22 the IFC announced a loan of US13.5 million to United International Group, which owns Amata Hotel Group, to expand on its hotel developments at Bagan and Inle lake. […]

Myanmar downsizes government, axes ministries

During a Parliament sitting on Thursday (Mar 17), Myanmar’s Speaker of Parliament said the nation will have 21 ministries and 18 ministers, down from 36 ministries currently. NAYPYIDAW: Myanmar’s Speaker of Parliament announced on Thursday (Mar 17) that the nation will have 21 ministries and 18 ministers, down from 36 ministries currently. During a Parliament […]