Myanmar likely to be next financial hub for Asia

Myanmar likely to be next financial hub for Asia

Published on Wednesday, 05 December 2012 22:28

Myanmar is likely to become next financial hub for Asia, according to a statement issued by International Monetary Fund (IMF) by the end of November.

"With a commitment to strong reforms, Myanmar has the potential to vastly improve the living standards of its people and emerge as Asia's next rising star," IMF mission chief in Myanmar Meral Karasulu said in a statement.

IMF said there is a possibility of a staff-monitored program next year that would jointly monitor progress on the government's own reform plans.

Karasulu, who talked with Myanmar's finance minister, central bank chief and other senior officials, said the government had made rapid strides in reforms to modernize the economy since taking over from a military junta in 2011.

"However, the government recognizes there is still a long way to go," she added.

IMF added that the Myanmar government had discussed reforms over the coming year that would focus on continuing to unify the foreign-exchange rate, strengthening the central bank and improving revenues to fund its development needs.

In the last May, the IMF published its first report on Myanmar in decades, calling on authorities to step up reforms to enhance the business and investment climate, including modernizing the financial sector and liberalizing trade.

Myanmar is still one of the poorest countries in Asia after decades of economic mismanagement and isolation under army rule.

Source: IMF Press Release No.12/453

Source: http://www.news.myanmaronlinecentre.com/2012/12/06/myanmar-likely-to-be-next-financial-hub-for-asia/