IMF says Burma plans economic reforms

Reported by AAP
Thursday, January 26, 2012
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Imf (Australia) Ltd

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The International Monetary Fund says Burma is planning key reforms to its exchange rate as it faces a historic opportunity to lift living standards through economic reform.

The Washington-based institution on Wednesday completed a two-week mission in the impoverished country as it moves toward democracy after five decades of military rule.

The IMF is advising Burma on reforming its Byzantine exchange rate and banking systems. The official rate of the kyat currency used to calculate the budget and revenues of state enterprises is about 120 times over its market value against the dollar.

The bank said Myanmar has a high growth potential. It forecast GDP would grow by 5.5 per cent in the fiscal year that ends in March, and six per cent next year.

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21/05/2012 23:03Sydney, Australia. 21 May,2012
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