Press Release No. 13/39

Press Release: IMF's Intensifying Engagement with Myanmar

February 5, 2013

An IMF team headed by Mr. Anoop Singh, Director of the Asia Pacific Department visited Myanmar January 31-February 6, 2013, to discuss intensification of the IMF’s relations with the Government of the Union of Myanmar. Mr. Singh was accompanied by Mr. Matt Davies, the IMF’s mission chief for Myanmar, Ms. Susan Creane, head of the IMF’s Thailand Technical Assistance Office for the Lao P.D.R. and the Republic of the Union of Myanmar, Mr. Alexander Pitt, Senior Economist and Ms. Keiko Utsunomiya, External Relations Department.

The team met with U Win Shein, Union Minister of Finance and Revenue; Professor Dr. Kan Zaw, Union Minister of Planning, Central Bank of Myanmar Governor U Than Nyein; and other senior officials. The team also had discussions with civil society representatives and development partners.

Mr. Singh issued the following statement at the conclusion of the visit:

“Myanmar has embarked on a historic set of reforms to modernize and open up its economy. Managed well, these reforms will facilitate strong and inclusive growth that reduces poverty. The government has made rapid strides over the last two years and important macroeconomic reforms such as the managed float of the exchange rate are already bearing fruit. The government recognizes there is still a long way to go and further policy reform will be essential to deliver sustained inclusive growth.

“The recent debt rescheduling agreements with the World Bank, Asian Development Bank and the Paris Club demonstrate the international community’s commitment to supporting the reform process. The IMF is closely assisting the Government of the Union of Myanmar develop and implement the policies to ensure macroeconomic stability and strengthen reforms under the Framework for Economic and Social Reforms supported by their SMP (Staff Monitored Program).¹

“Discussions with the authorities focused on the importance of intensifying the already strong partnership the IMF has with the Government of the Republic of the Union of Myanmar. In addition to regular staff visits, the IMF will enhance its capacity building program including through increased support from the Thailand technical assistance office. It also aims to open a resident representative office in Myanmar. In all of these areas we are working closely with other development partners.

“We would like to like to thank the authorities for their excellent cooperation, frank and constructive discussions, and generous hospitality during the visit. We are confident that the impressive commitment of the authorities to economic and social reforms will deliver real improvements to the lives of the people of Myanmar.

¹ A staff-monitored program is an informal and flexible instrument for dialogue between the IMF and a member country on its economic policies. It is not accompanied by financial support from the Fund. In Myanmar’s case, it will involve joint monitoring of progress on the government’s own reform plans.