Today I announce the Australian Government will provide further support to boost economic growth, stability and development in Burma. This follows my constructive discussion with senior Myanmar Government figures, including President Thein Sein and Foreign Minister Wunna Maung Lwin. Our support will assist Burma in its period of unprecedented change and development.

From the total package of $24.6 million, Australia will provide $5 million to the World Bank to support the Myanmar Government’s reforms to modernise Burma’s public financial management systems, to efficiently collect revenues and allocate resources for an equitable distribution of public services. A further $600,000 will support the International Finance Corporation to oversee regulatory reforms that will boost private sector development in Burma.

Australia will also provide $9 million to support the peace process in Burma, bringing our total contribution to $12 million since 2012. Peace and security is essential for the country to achieve long-term stability and economic growth, which could improve the lives of millions of people.

While progress is being made towards sustained peace, around 640,000 people in Burma remain displaced by conflict. Australia will provide an additional $10 million to support the urgent humanitarian needs of people affected by conflict across the country, including provision of food, water, sanitation and hygiene.

Our assistance will promote greater community engagement in the peace process by working with the Myanmar Peace Centre to support the participation of women and also effective ceasefire monitoring.

Australia was one of the first nations in the developed world to constructively engage with the Myanmar Government as it embraced economic, political and social reform.

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