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 global monetary institution forecasts Myanmar’s growth to rise to 7.5 percent in the 2013-14 fiscal year and near 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 of sustained reform to modernise the country's financial sector. It also keeps a close supervision of policies banks are implementing to ensure they are managed soundly and to minimise fiscal risks.

The IMF also stressed the need to build up foreign reserves and pledged to continue helping the Myanmar government build capacity for managing the economy.-VNA