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Vital for Myanmar to re-engage with lenders: US Treasury

Published on Oct 13, 2012 8:40 PM

TOKYO (REUTERS) - The United States will support Myanmar's efforts to fully restore relations with global lenders like the World Bank as long as the South-east Asian nation pursues political and economic reforms, a senior US Treasury official said on Saturday.

The US Congress last month approved a Bill that would allow the Obama administration to waive a ban on US participation in providing development loans from the World Bank to Myanmar, also known as Burma.

In an interview with Reuters Television, US Treasury Undersecretary for International Affairs Lael Brainard said the United States was in the beginning stages of lifting an import ban that would have huge benefits for Myanmar's economy, which suffered under decades of military rule and isolation.

"As the reform process continues we will be able to do more," Ms Brainard said. "We think it's very significant for the World Bank and the Asian Development Bank (ADB), as well as the International Monetary Fund, to be able to re-engage with Myanmar as they undertake these very significant reforms."

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