U.S. Lifts Sanctions on Burma
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Following Burma’s recent political reform, the United States has announced that it would lift sanctions on Myanmar, opening new economic and funding opportunities for the South-East Asian nation.
The United States State Department announced in a statement today that Secretary of State Hillary Clinton has signed a partial waiver of restrictions imposed on Myanmar under the Trafficking Victims Protection Act.
Following Burma’s recent political reform, the United States has announced that it would lift sanctions on Myanmar, opening new economic and funding opportunities for the South-East Asian nation.
The United States State Department announced in a statement today that Secretary of State Hillary Clinton has signed a partial waiver of restrictions imposed on Myanmar under the Trafficking Victims Protection Act.
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Accordingly, the waiver would allow Myanmar’s civilian government access to economic assessments and limited assistance by international financial institutions such as the World Bank, International Monetary Fund and the Asian Development Bank.
Despite the progress, many other tough economic, trade and political sanctions remain in place.
The waiver, following Clinton’s landmark visit to Myanmar in December, is recognition of Myanmar’s “encouraging reforms under way” after decades of military rule.
Clinton is the first U.S. Secretary of State to visit the country in over 50 years, where she met with Myanmar’s leaders and pro-democracy figurehead Aung San Suu Kyi.
The Associated Press reports that Suu Kyi, a longtime political prisoner and Nobel laureate, is on her first campaign trip since becoming an official candidate for the country’s April elections.
In a statement, the State Department said:
[quote] Assessments by international financial institutions will provide critical means to gain a greater understanding of Burma’s economic situation, particularly its severe poverty alleviation needs and capacity gaps. [/quote]Related: Myanmar Economic Forecast
According to Reuters, “the International Monetary Fund and the Asian Development Bank (ADB) have been sending technical support teams to Myanmar in the past few months to compile assessments of the country’s long-stagnant and murky economy and give advice on ways to unify its complex official and unofficial currency exchange systems.”
Since Clinton’s hallmark visit, foreign dignitaries and business leaders like George Soros have visited Myanmar, largely touted to be Asia’s next big emerging market.
Related News: Billionaire Investor George Soros Sets Up Philanthropic Arm In Burma
In January, Myanmar signed a pact with Singapore to tap on the latter’s best practices in trade, tourism and urban planning. As part of the agreement, Singapore, the wealthiest South East Asian country, would also provide Myanmar the necessary training for legal, banking and financial reforms.
Related: Myanmar Economic Statistics and Indicators
Related: Myanmar Industry Sectors
