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Full Article Images of January Best photos of the year 2011 Follow Reuters Facebook Twitter RSS YouTube Read REFILE-Al Gore takes aim at "unsustainable" capitalism 16 Feb 2012 Whitney Houston Death Jokes Earn a Suspension for Radio Duo 16 Feb 2012 Colbert Report abruptly suspends production 16 Feb 2012 Exclusive: Venezuela ships fuel to war-torn Syria 16 Feb 2012 Whitney Houston Funeral: Kevin Costner, Alicia Keys, Stevie Wonder to Take Part 16 Feb 2012 Discussed 255 Obama proposes $800 million in aid for ”Arab Spring” 242 It’s bailout or chaos, PM Papademos tells Greece 134 REFILE-Al Gore takes aim at ”unsustainable” capitalism Watched Huge baby shocks parents Tue, Feb 7 2012 Humanoid robot makes storefront debut in Valentine's experiment Fri, Feb 10 2012 Ships trapped in frozen Azov Sea Wed, Feb 15 2012 World Bank says reengaging with Myanmar after 25 years Tweet Share this Email Print Related News World Bank's Zoellick to step down, U.S. eyes spot Wed, Feb 15 2012 Insight: As Myanmar opens, China alliance starts to fray Mon, Feb 13 2012 Rock star welcome for Suu Kyi on Myanmar campaign trail Sat, Feb 11 2012 U.S. lifts restrictions to support IFIs work in Myanmar Tue, Feb 7 2012 Myanmar's ambitious Dawei project faces uncertainty Fri, Feb 3 2012 Analysis & Opinion In praise of cooperative thinking Hypocrisy piled on humbug Related Topics World » WASHINGTON | Thu Feb 16, 2012 9:33pm EST WASHINGTON (Reuters) - The World Bank said on Thursday it was in the process of returning to Myanmar after 25 years, but the isolated Southeast Asian nation will first have to clear its arrears to global financial institutions before the bank resumes lending. Other multilateral lenders such as the Asian Development Bank have also taken preliminary steps towards resuming activities, while the European Union has started to unwind sanctions against Myanmar, after a new civilian government began introducing democratic reforms in late 2011. "We are encouraged by developments in Myanmar," said Pamela Cox, World Bank vice president for East Asia and Pacific. "We have begun the process of re-engaging with the government to support reforms that will benefit all of the people of Myanmar, including the poor and vulnerable," she said in comments posted online. The World Bank ceased operations in Myanmar, formerly known as Burma, in 1987. Foreign donors have been reluctant to help Myanmar, citing its human rights record, and many maintain economic and military sanctions on the country. As Myanmar pursues dramatic reforms, it is opening up a long-stagnant economy and attracting a flood of foreign investors interested in tapping its resources. One of Asia's richest countries early in the 20th century, Myanmar is now one of the world's poorest after half a century of often brutal military rule. One-third of its population of about 60 million live below the poverty line. MYANMAR'S DECADE-OLD DEBT The World Bank said it planned to conduct reviews of Myanmar's economy, including its financial and banking sectors, and will publish these. Myanmar owes some $11.02 billion in external debt run up decades ago, while its foreign currency reserves are a little over $7 billion. The World Bank said it will also provide technical assistance on economic incentives to help with the peace process in border areas, drawing from experience around the world on conflict and security. Elections last year which produced a civilian government, but left Myanmar's military junta in control, started the country's move towards democracy. It was the first election since the military refused to recognize the results of a 1990 democratic election, won by Aung San Suu Kyi's National League for Democracy. The government has since released hundreds of political prisoners, including Nobel Peace prize winner Suu Kyi after nearly 20 years in detention, and eased media restrictions. U.S. sanctions could begin to come down if Myanmar's by-elections scheduled for April 1, contested by opposition leader Suu Kyi, are fair and open. U.S. Secretary of State Hillary Clinton made a landmark visit to Myanmar last year. Neighboring China is its biggest political and economic ally and has capitalized on the West's reluctance to trade with the junta. But relations with Beijing are strained after the new government last September suspended construction of a hydroelectric dam being built with Chinese help. 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