Christine Lagarde, the chief of the International Monetary Fund disclosed last Thursday that they will be putting up a new office to help strengthened the economy of Myanmar. The office will be based at the Bank of Thailand located in the Thai capital with its goal of stressing on capacity building and training.
No specific date has been made on the grand opening of the new office. Another ASEAN country which will benefit from the funds of this newly built office is Laos, said news report from AFP.
It was only in March last year after a nominally civilian form of government ruled the country that the relation between Myanmar and IMF was strengthened. May of same year when IMF addressed the government to make necessary reforms to encourage foreign investors to invest in various trades, reforms on democratic system as well as in the financial marketing. It was also years that the country has been under military rule and was isolated because of the sanctions imposed by Western countries and other international communities. Their economy was under the control of the military junta leading to its mismanagement.
Now that reforms are simultaneously taking place, various foreign companies are endowed to invest in this country rich in natural resources, the report said.
On Wednesday the President of US Barack Obama revealed that they are ready to ease sanctions in Myanmar and has given the authority to US firms to establish business and trade including gas and oil. New rules were established and such rules allows US firms to create business with Myanmar Oil and Gas Enterprises (MOGE) a state-owned company but a 60 days have been imposed to inform the State Department of their intention.
Democratic leader Aung San Suu Kyi and her party appreciated and approved of the motion, however she added that there’s a need to be transparent in every transaction that has to be made. US Senator John McCain also approved the reaction of Suu Kyi saying that any business involvement with the MOGE would pose as a challenge and test towards democratic reforms, AFP news reported.