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Burma's Thein Sein unveils economic reform package Burma's Thein Sein unveils economic reform package
(40 minutes later)
Burma wants to loosen the state's grip on the economy, its president, Thein Sein, has said, outlining a "second wave of reforms" to focus on development after decades of stagnation.Burma wants to loosen the state's grip on the economy, its president, Thein Sein, has said, outlining a "second wave of reforms" to focus on development after decades of stagnation.
The former regime general, who is credited with spearheading the biggest economic overhaul in Myanmar Burma since taking office, most notably bringing in a managed float of its currency, said a new investment law would soon be enacted in parliament. The former general, who is credited with spearheading the biggest economic overhaul in Burma since taking office, most notably bringing in a managed float of its currency, said a new investment law would soon be enacted in parliament.
"In the first year of power, the national government has been speedily working on political reforms and national reconciliation," Thein Sein said in a televised address."In the first year of power, the national government has been speedily working on political reforms and national reconciliation," Thein Sein said in a televised address.
"From this year onwards, we are working on a second wave of reforms which will focus especially on the development of the country and the public."From this year onwards, we are working on a second wave of reforms which will focus especially on the development of the country and the public.
"On the other hand, we will continue to work on national reconciliation, national peace and stability and the rule of law, and the safety of the public.""On the other hand, we will continue to work on national reconciliation, national peace and stability and the rule of law, and the safety of the public."
Thein Sein said there was a need to consider reducing the state role in several key industries, including telecommunications, electricity, energy, forestry, education, health and "financial matters". Thein Sein said there was a need to consider reducing the state's role in several key industries, including telecommunications, electricity, energy, forestry, education, health and "financial matters".
"The privatisation that is in the second wave of government reforms does not mean we are going to break them up and sell them.""The privatisation that is in the second wave of government reforms does not mean we are going to break them up and sell them."
He said the government aimed to triple GDP per capita by 2015/16, and there was a need for more foreign help in terms of aid and expertise to boost the economy.He said the government aimed to triple GDP per capita by 2015/16, and there was a need for more foreign help in terms of aid and expertise to boost the economy.
"If you observe developing nations, the government's budget alone is not sufficient to achieve their development goals … that alleviate poverty and require international grants, aid, loans and technical expertise.""If you observe developing nations, the government's budget alone is not sufficient to achieve their development goals … that alleviate poverty and require international grants, aid, loans and technical expertise."