IMF: Myanmar reform is bearing fruit in economy

Photo: Irrawaddy News

Last year the economy of Myanmar has increased to 6.5% and still trying to target a higher percentage, said IMF last Wednesday.

Prediction estimated by the International Monetary Fund with regards the economy of the country said that from 2013-2014 financial years it would reach 6.75% because of the production of gas and various investments, said news report from AFP.

According to Matt Davies of IMF the government’s goal of implementing various reforms is already bearing fruit with high investor interest and macroeconomic stability.

Reforms on law investment, exchange rate and the increase in tax collection were some of the developments that were considered necessary to cover up higher spending on education and health sectors which has been neglected by the government for a long time.

Myanmar is a rich resource country with oil, gas agriculture and timber to show off. The country is a market potential eyed by international investors.

Office of the IMF will soon open in Myanmar to provide support and technical assistance, the report said.