The Asian Development Bank (ADB) and International Monetary Fund (IMF)
Saturday encouraged Myanmar to carry on its economic reforms aimed at
achieving the goal of reducing poverty and development.
ADB and IMF officials said at a seminar on Myanmar held on the sidelines of an ADB annual meeting here that the country is on the right track to build its own economic and financial institutions for future development.
Stephen Groff, vice president of ADB, also cautioned that the country must have an "expectation management" for its people, as things will not change overnight but take time to move forward.
But he said the government of Myanmar should let the people know the country's reforms will bring returns in future.
He called for efforts to encourage private sector to join Myanmar's construction process, while stressing the importance of inclusive economic growth for solving the prominent issues faced by the country, such as poverty and underdevelopment.
Anoop Singh, IMF director for Asia and Pacific Department, said the government of Myanmar should be encouraged to work on macro- economic stability growth by putting inflation under control.
He said it is good to see the country has started building institutions for macro-economic stability with participation of state and private players like central bank and private funding.
This would generate investment for economic development, health and education from private sectors rather than solely the state budget, as well as bring revenues and build foreign currency reserves, he said.
source: Global Times
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