Fast-track passage of the “No New Burma Funds Act” (HR 4423)

The bill

No New Burma Funds Act

Topic: International Affairs

What the bill does

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.

Source: Congressional Research Service summary

Bill on congress.gov(opens in a new tab)