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Myanmar: IMF gives endorsement of Myanmar government's policies


YANGON, (Xinhua): The International Monetary Fund (IMF) has given thorough endorsement of Myanmar government's policies, saying that in coordination with other development partners, it is supporting the government in implementing them, official media reported Wednesday.

Telling the official daily New Light of Myanmar in Nay Pyi Taw Tuesday, IMF Mission Chiefs to Myanmar Anoop Singh and Matt Davies said the IMF will enhance its capacity building program including through increased support from the regional technical assistance office, revealing IMF's intention to open a representative office in Myanmar.

"In all of these areas we are working closely with other development partners," they said, offering to assist Myanmar develop and implement the policies to ensure macroeconomic stability and strengthen reform under the Staff Monitored Program (SMP).

Commenting that Myanmar's reform is bearing fruit, the IMF chiefs said the growth of the country is expected to accelerate to around 6.25 percent in the fiscal year 2012-13 , bolstered by foreign investment in natural resources and export of commodities.

"Inflation has declined rapidly and should remain moderate at around 6 percent next year," they predicted.

They acknowledged that Myanmar's exchange rate has been stable in recent months with international reserve increasing to 4 billion U.S. dollars.

However, they pointed out that a key element of maintaining financial stability is ensuring that policies are credible and enjoy the confidence of the population.

They stressed the need for the reform to be designed in a structured and sequence manner, to be transparently communicated to a wide range of stakeholders who should be given the opportunity to contribute to policy development.

They maintained that open monitoring of progress is also needed so that the public and the private sector can observe success and adjust to any slippages in the reform process.

Myanmar said it could reduce international debt of over 6 billion U.S. dollars including that with Norway and Japan after successfully coordinating with major donor countries in January.

Editor: Zhu Ningzhu

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