Arab Today, arab today imf voices support for myanmar gov\t policies
Last Updated : GMT 01:53:42
Arab Today, arab today
Arab Today, arab today

IMF voices support for Myanmar gov\'t policies

Arab Today, arab today

Arab Today, arab today IMF voices support for Myanmar gov\'t policies

Yangon - XINHUA

The International Monetary Fund (IMF) voiced support for Myanmar government's policies, saying that in coordination with other development partners, it is assisting the government in implementing them. According to official media, IMF Mission Chiefs to Myanmar Anoop Singh and Matt Davies have revealed plan of enhancing its capacity building program including through increased support from the regional technical assistance office, further disclosing that IMF has intention to open a representative office in Myanmar. IMF vowed to work closely in all of these areas with other development partners, offering to assist Myanmar develop and implement the policies to ensure macroeconomic stability and strengthen reform under the Staff Monitored Program (SMP). In light of bearing fruit with Myanmar's reform, the IMF chiefs estimated that the growth of the country will accelerate to around 6.25 percent in the fiscal year 2012-13, bolstered by foreign investment in natural resources and export of commodities. "Inflation has declined rapidly and should remain moderate at around 6 percent next year," the IMF mission chiefs predicted. Acknowledging that Myanmar's exchange rate has been stable in recent months with international reserve increasing to 4 billion U. S. dollars, However, the IMF chiefs pointed out that a key element of maintaining financial stability is ensuring that policies are credible and enjoy the confidence of the population. Stressing the need for the reform to be designed in a structured and sequence manner, to be transparently communicated to a wide range of stakeholders who should be given the opportunity to contribute to policy development, the IMF chiefs maintained that open monitoring of progress is also needed so that the public and the private sector can observe success and adjust to any slippages in the reform process. Myanmar could reduce international debt of over 6 billion U.S. dollars including that with Norway and Japan after successfully coordinating with major creditor countries of the Paris Club in January. Myanmar claimed on Jan. 30 clearing of its debt of 502.457 billion yens (over 5 billion dollars) owed to Japan since 1970 after settlement of the remaining debt of 198.881 billion yens ( nearly 2 billion U.S. dollars). That part of the arrears of 303. 576 billion yens (over 3 billion dollars) was announced by Japan that it will be written off within one year period in support of democratization and national reconciliation efforts as well as economic and social reform process of the Myanmar government. As a follow-up, the Japanese government announced that it would take steps to offer very-low-interest rate development loan and assistance to Myanmar which will use in people-centered development. Meanwhile, Myanmar has also settled 512 million dollars' debt owed to the Asian Development Bank (ADB)and 430 million dollars owed to the World Bank by taking out the amounts from the Japan Bank for International Cooperation (JBIC) on Jan. 25 and paid back to the two creditors. Obtaining new loans of the same amount from the two creditors on the same day, Myanmar finally settled the debt by paying off the bridge loan to JBIC. ADB announced that it will assist in Myanmar's infrastructural development in terms of technology, finance, communication and sustainable energy, while the World Bank declared that it will support Myanmar with 80 million dollars in carrying out national community-driven development project for infrastructural development in agricultural sector, roads, health centers and schools of 640 villages across the country. The Myanmar government's economic reform program is supported by the International Monetary Fund (IMF) with a Staff Monitored Program (SMP) currently providing a framework for cooperation between the Myanmar government.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imf voices support for myanmar gov\t policies Arab Today, arab today imf voices support for myanmar gov\t policies

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday