Myanmar president meets US deputy secretary of treasury

Myanmar President U Thein Sein met with visiting Deputy Secretary of the United States Department of Treasury Neal S. Wolin in Nay Pyi Taw Thursday, said the President 's Office. The pair had discussions on undertakings by the Central Bank of Myanmar which would assist the country's economic reform, monetary- related expertise, assistance to be provided in line with the international rules and regulations and its standard and removal of all remaining economic sanctions by the U.S., diplomatic sources said. Wolin's two-day trip came after President Obama granted financial assistance programs for the country that will be carried out by international financial institutions such as the World Bank and Asian Development Bank. Wolin, who arrived a day earlier to encourage the country's continued economic reform, especially in the financial sector, is also expected to meet other senior government leaders, business leaders, and members of civil society in Nay Pyi Taw and Yangon respectively and explore ways in which the Treasury Department can extend technical assistance to help the government staff build capacity in areas such as revenue transparency and protecting against financial crimes, the sources said. Wolin will also discuss ways on improvement of Myanmar's anti- money laundering and countering financing of terrorism controls in cooperation with the Financial Action Task Force (FATF), the sources added. The cooperation is said to facilitate the continuing reintegration of the country's financial system into global markets, consistent with U.S. policy on new investment and the export of financial services. During an earlier official visit to Nay Pyi Taw by U.S. Deputy Secretary of State William Burns from Oct. 17 to 19, Myanmar and the United States have vowed to boost partnership in advancing Myanmar's political and economic reforms. The first bilateral dialogue on human rights was also opened up on the occasion of Burns' visit involving Myanmar delegation, led by director general of Legal and Consular Affairs Department of the Foreign Ministry U Tha Aung Nyunt, and U.S. delegation, led by Assistant Secretary of Democracy, Human Rights and Labor Michael Posner. The two sides focused on effectiveness of labor law, the role of private sector on protecting labor rights and promotion of economic performance. Washington has eased sanctions on Myanmar step by step in response to political reforms in the country and in its latest move, President Barack Obama took a next step in normalizing commercial relationship between the two countries by relaxing U.S. restriction on import of Myanmar goods into the U.S. as well as financial restriction after he granted U.S. citizens to do business in Myanmar.