Burmese government committed to reform

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The Burmese Finance Minister has given the strongest indication yet that the new Civilian government in place within the country is committed to economic reform.

Hla Tun was addressing the annual meeting of the World Bank/IMF in Washington last Friday.

He discussed the specific measures which he felt would contribute towards reform and how committed they were as a nation.

“The major thrust of these measures is to establish transparency and accountability at all levels of government,” said Tun.

“The policy focus of the elected government is based on the twin objectives of economic management and poverty alleviation.”

The military regime which has been in place in the country since 1988 was the main reason for years of economic hardship.

General mismanagement and political instability meant that funds were handled poorly and long term growth was not an option.

A multi-rate currency exchange regime has also contributed towards a stuttering economy in general for a number of decades.

Burma has now turned to the IMF to assist them in their route back to economic stability and, one day, growth.

Hal Tun suggested that “we believe they (the IMF) can provide a parallel role in our future prosperity”.

The IMF has a mandate in place to monitor the economic, financial and exchange rate policy of all its members.

This is to ensure the effective maintenance of the international monetary system.

Transfer Money to Burma

If you are looking to invest in Burma, think carefully about how you will be transferring money to Burma. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Burma – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Burmese government committed to reform

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