H.R. 4423
No New Burma Funds Act
Sponsor: Nikema Williams
3 cosponsors
Official summary
Written by the Congressional Research Service.
No New Burma Funds Act
This 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.
Text of the bill
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, that 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 national interest to do so.