{ "title": "Press Release: Statement at the Conclusion of an IMF Staff Mission to Myanmar", "publication": "IMF News, November 21, 2012", "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr12453", "canonical": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr12453", "overlayPath": "/en/news/articles/2015/09/14/01/49/pr12453/index.md", "summary": "Mission dates: November 5–22, 2012.", "publishDate": "2012-11-21", "sections": [ { "heading": "Mission overview", "content": "- Mission dates: November 5–22, 2012.\n- Publication date of statement: November 21, 2012.\n- Objective: Hold discussions on macroeconomic policies to support the authorities’ reform program over the next year.\n- Outcome: Reached an understanding that could form the basis of a possible Staff-Monitored Program during January-December 2013.\n- Principal interlocutors: U Win Shein, Union Minister of Finance and Revenue; U Than Nyein, Central Bank of Myanmar Governor; other senior officials, parliamentarians, private sector and donor representatives.\n- IMF Mission Chief: Meral Karasulu." }, { "heading": "Macroeconomic developments and key statistics", "content": "- Exchange rate regime: Changed from a peg to a managed float.\n- Financial sector reforms: Partial deposit rate liberalization and relaxation of some restrictions on private banks.\n- Parliamentary process: This year’s fiscal budget was debated in Parliament for the first time, yielding increased spending in health, education, and infrastructure.\n- Legislative reforms passed: Laws on land reforms, microfinance, and foreign investment.\n- External arrears: Discussions on clearing Myanmar’s external arrears are progressing.\n- Growth projection: Growth is expected to accelerate to around 6¼ percent in FY2012/13, bolstered by foreign investment in natural resources and exports of commodities.\n- Inflation projection: Inflation has declined rapidly and should remain moderate at around 6 percent next year.\n- International reserves: increasing to US$4 billion.\n- Poverty and development context: Myanmar remains one of the poorest countries in Asia, with economic development stymied by many distortions." }, { "heading": "Reform priorities and policy measures (authorities’ three key areas)", "content": "- Consolidating exchange rate unification:\n - Rationale: Foundational step for macroeconomic stability, and to boost competitiveness and trade.\n - Measures: Bring more flows from the informal to the formal market; remove remaining exchange restrictions; ensure a level playing field for private banks.\n- Establishing a consistent monetary policy framework:\n - Objective: Achieve low and stable inflation.\n - Immediate tasks: Enable the Central Bank of Myanmar to build core central banking functions and improve capacity for monetary management.\n - Supporting measures: Develop financial markets while containing risks; facilitate domestic financing of the budget deficit; modernize regulations and strengthen supervisory capacity in the near-term.\n- Fiscal consolidation and revenue mobilization:\n - Goal: Contain fiscal deficits and stage higher and stable revenues to fund development needs.\n - Planned steps: Strengthen revenue administration; simplify tax rates; broaden the tax base; improve public financial management; limit non-concessional external borrowing; develop government securities markets." }, { "heading": "IMF engagement, support, and expected benefits", "content": "- IMF role: Continue to provide technical assistance to the Myanmar government across reform areas.\n- Other support: Other international financial institutions and bilateral donors are supporting the authorities’ broader reform efforts.\n- Conditional benefits: Commitment to strong reforms and sound economic management would facilitate successful resolution of arrears, re-engagement with the global community, and ensure debt sustainability.\n- Development promise: With commitment to reforms, Myanmar has the potential to vastly improve living standards and emerge as Asia’s next rising star." }, { "heading": "Closing remarks from the mission", "content": "- Appreciation: The mission thanked the authorities for excellent cooperation, frank and constructive discussions, and generous hospitality during the visit.\n- Note on Staff-Monitored Program: 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.\n\nIMF Press Release No. 12/453\n\n---\n\n\n References\n\n- Myanmar and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr12453" } ], "bullets": [ "[Markdown version](/en/news/articles/2015/09/14/01/49/pr12453/index.md)", "[Structured JSON version](/en/news/articles/2015/09/14/01/49/pr12453/index.json)", "[Bundle manifest](/en/news/articles/2015/09/14/01/49/pr12453/bundle-manifest.json)", "Published: November 21, 2012", "Mission dates: November 5–22, 2012.", "Publication date of statement: November 21, 2012.", "Objective: Hold discussions on macroeconomic policies to support the authorities’ reform program over the next year.", "Outcome: Reached an understanding that could form the basis of a possible Staff-Monitored Program during January-December 2013.", "Principal interlocutors: U Win Shein, Union Minister of Finance and Revenue; U Than Nyein, Central Bank of Myanmar Governor; other senior officials, parliamentarians, private sector and donor representatives.", "IMF Mission Chief: Meral Karasulu.", "Exchange rate regime: Changed from a peg to a managed float.", "Financial sector reforms: Partial deposit rate liberalization and relaxation of some restrictions on private banks.", "Parliamentary process: This year’s fiscal budget was debated in Parliament for the first time, yielding increased spending in health, education, and infrastructure.", "Legislative reforms passed: Laws on land reforms, microfinance, and foreign investment.", "External arrears: Discussions on clearing Myanmar’s external arrears are progressing.", "Growth projection: Growth is expected to accelerate to around 6¼ percent in FY2012/13, bolstered by foreign investment in natural resources and exports of commodities.", "Inflation projection: Inflation has declined rapidly and should remain moderate at around 6 percent next year.", "International reserves: increasing to US$4 billion.", "Poverty and development context: Myanmar remains one of the poorest countries in Asia, with economic development stymied by many distortions.", "Consolidating exchange rate unification:", "Establishing a consistent monetary policy framework:", "Fiscal consolidation and revenue mobilization:", "IMF role: Continue to provide technical assistance to the Myanmar government across reform areas.", "Other support: Other international financial institutions and bilateral donors are supporting the authorities’ broader reform efforts.", "Conditional benefits: Commitment to strong reforms and sound economic management would facilitate successful resolution of arrears, re-engagement with the global community, and ensure debt sustainability.", "Development promise: With commitment to reforms, Myanmar has the potential to vastly improve living standards and emerge as Asia’s next rising star.", "Appreciation: The mission thanked the authorities for excellent cooperation, frank and constructive discussions, and generous hospitality during the visit.", "Note on Staff-Monitored Program: 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.", "[Myanmar and the IMF](http://www.imf.org/external/country/MMR/index.htm)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2015/09/14/01/49/pr12453/index.md", "json": "/en/news/articles/2015/09/14/01/49/pr12453/index.json", "bundleManifest": "/en/news/articles/2015/09/14/01/49/pr12453/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T19:26:00.192Z" }