Myanmar reforms leads to US partially lifting embargo

Phoenix Herald Tuesday 7th February, 2012

WASHINGTON - The US has partially waived off sanctions against Myanmar following a series of political reforms in the formerly military ruled South East Asian nation.

The waiver was signed by US Secretary of State Hilary Clinton Monday that will enable international financial institutions (IFIs) like the Internal Monetary Fund and Asian Development Bank carry out economic assessments and technical assistance in the impoverished country under military junta for the last 49 years.

"Assessments by international financial institutions will provide critical means to gain a greater understanding of Burma's economic situation, particularly its severe poverty alleviation needs and capacity gaps," the US State Department said in a statement.

But the other sanctions against Myanmar remain in place.

The US move comes as the state Elections Commission accepted pro-democracy leader Aung San Suu Kyi's candidature to run in a by-election to be held April 1.

The National League for Democracy (NLD) led by Nobel Peace laureate Suu Kyi who spent years under house arrest has fielded its candidates from all available parliamentary seats in the by-polls.

Suu Kyi is contesting from the rural township of Kawhmu, southwest of Yangon.

The US move to ease restrictions is small but is significant because it acknowledges the political reforms in Myanmar that has been struggling with tight sanctions first introduced in 1988.

America has also been moving to forge closer ties with Myanmar after Clinton visited the country last year. She was the first US secretary of state to visit Myanmar in more than 50 years.

The US has also agreed to upgrade diplomatic relations by exchanging full ambassadors after a two-decades.