IMF reiterates continued support to Myanmar

Chief of the International Monetary Fund (IMF) Christine Lagarde has reiterated the international institution's continued support to Myanmar in terms of policy advice, technical assistance and training, state media reported Sunday. "In addition to our many teams working to support Myanmar based in IMF Headquarters and periodically visiting the country, we have a resident representative in Myanmar and are building a team of resident technical experts to be on call to help the authorities as they develop their institutions," IMF Managing Director Lagarde was quoted as saying. "We also have an office in Bangkok with a number of experts largely dedicated in supporting Myanmar," she said, assuring that the fund will never stop working with Myanmar and adding that the IMF is a long-term partner looking forward to supporting the country's bold and exciting economic and political transition." Lagarde arrived in Nay Pyi Taw Friday on her first visit to Myanmar. During the two-day visit, Myanmar Vice President U Nyan Tun met with Lagarde and the pair discussed IMF assistance in reform process of banking system, financial sector and monetary policy in Myanmar as well as further cooperation in developing financial reform process of Myanmar in a short time. During her visit, Lagarde also met with opposition leader Aung San Suu Kyi and delivered a speech at the Yangon University of Economics. Moreover, she attended the World Women Forum in Yangon, organized by the Embassy of France. IMF predicted Myanmar's economy to grow 6.75 percent in the 2013-14 fiscal year, driven by natural gas, sale and investment as Myanmar takes step to reform its financial system. In January this year, the IMF agreed to cancel nearly 6 billion U.S. dollars' debt owed by Myanmar. Lagarde's visit represents the final leg of her Asian tour, which has taken her to Cambodia and South Korea.