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IMF hails Myanmar's economic reform efforts

The International Monetary Fund (IMF) on January 22 praised Myanmar's economic reform efforts, saying that the economic outlook for the Asian country is positive.
The International Monetary Fund (IMF) on January 22 praised Myanmar'seconomic reform efforts, saying that the economic outlook for the Asiancountry is positive.

The global monetary institution forecastsMyanmar’s growth to rise to 7.5 percent in the 2013-14 fiscal year andnear 7.8 percent in the following year.

The current target of keeping the deficit below 5 percent of
GDP is appropriate, it added.

However, the IMF warned of the country’s low tax revenues.

According to the IMF, Myanmar government needs several years ofsustained reform to modernise the country's financial sector. It alsokeeps a close supervision of policies banks are implementing to ensurethey are managed soundly and to minimise fiscal risks.

The IMF also stressed the need to build up foreign reserves andpledged to continue helping the Myanmar government build capacity formanaging the economy.-VNA
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