The potential impact of the decision by the United States to extend some sanctions against Myanmar has been dismissed by presidential spokesperson U Ye Htut, who said the government would oversee the continued growth in the economy.
“Of course we would prefer the Americans would remove all economic sanctions relating to Myanmar but some restrictions have lifted and as the situation stands we can continue to develop our economy,” U Ye Htut said in Yangon on May 17.
US President Barack Obama told Congress by letter on May 15 that he was continuing some sanctions under the National Emergencies Act, which prohibits American businesses and individuals from investing in Myanmar or doing business with some Myanmar citizens.
Mr Obama said in the letter that despite the progress Myanmar has made under its reform process, “the situation in the country continues to pose an unusual and extraordinary threat to the national security and foreign policy of the United States”.
U Ye Htut acknowledged that a factor in the US decision was Myanmar’s relationship with North Korea.
Economist U Kyaw Win told Mizzima on May 18 that while overall economic growth was being achieved, key economic targets were being missed.
U Kyaw Win said the renewed sanctions would affect President U Thein Sein’s ability to tackle specific targets, such as reducing poverty to 16 percent of the population by 2015, in line with the Millenium Development Goals of the United Nations.
The “goal would not be achieved if we continue in this current vein,” said U Kyaw Win.
“For example, the government said it would develop the agriculture sector yet the land confiscation issues have still to be resolved,” he said.
