No New Burma Funds Act
No New Burma Funds Act
Plain Language Summary
# No New Burma Funds Act Summary **What the bill does:** This bill would prevent the U.S. from supporting new World Bank loans or financial assistance to Burma (Myanmar) unless the Treasury Department decides it's in America's national interest. The World Bank had already paused its financial aid to Burma after the military took over the country in 2021, and this bill would make the U.S. officially push to keep that pause in place through its vote at the World Bank. **Who it affects:** The bill primarily affects Burma's government and people by potentially limiting access to World Bank funding for development projects. It also involves U.S.
foreign policy and the Treasury Department, which would need to certify that releasing funds serves U.S. interests. Indirectly, it could impact international development priorities since it restricts one country's access to lending. **Current status:** The bill has passed the House of Representatives. It was sponsored by Representative Nikema Williams (D-Georgia) and reflects U.S. concerns about Burma's military government following the 2021 coup that overthrew the democratic government.
CRS Official Summary
No New Burma Funds ActThis bill requires the U.S. Executive Director at the International Bank for Reconstruction and Development (IBRD) to advocate and vote for a continued pause on IBRD disbursements and new financing commitments to Burma unless the Department of the Treasury determines this is not in the national interest.The IBRD is one of the two major lending facilities of the World Bank and provides loans, guarantees, risk management products, and advisory services to middle-income countries and some creditworthy low-income countries. The World Bank paused disbursements and new financing to Burma after a 2021 military coup in that country.
Latest Action
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.