2 January
As with the global economic crisis brought by the COVID-19 pandemic, the Union Government is taking measures to implement a strategic plan, namely the Myanmar Economic Recovery and Reform Plan-MERRP to relieve economic and social pains caused the pandemic.
With the formation of economic policies, the MERRP will focus on expanding expenditure on health, infrastructure — both for long-term economic development.
Besides, a range of liberalizing measures are designed under MERRP to make doing business easier and to encourage foreign investment.
To further strengthen the investment in our country, the years to come will offer more investment opportunities for local and foreign investments rather than scrutinizing and giving nods to investment proposals. Hence, basic infrastructures and investment opportunities which can attract local and foreign investment will emerge in our country.
Firstly, the Union Government will lay down special plans and opportunities luring local and foreign businesses to do investment in the health sector especially in production of medicines and medical equipments, public health care services with modern technology for the next five years to promote the public health care standard and to reduce spending on importing medicines and medical equipment. This goal is under the Universal Health COverange and committed by the government.
The MERRP will be the base for building a resilient economy which will underpin the sustainable and balance economic development in coming years.
The new plan will focus on macroeconomic and financial stability, prioritise growth strategies that are sustainable for the economy in the long run, such as renewable energy sources. It will include support for agriculture, infrastructure that boosts connectivity, as well as improving human capital and promoting innovation.
The new recovery and reform roadmap, which is aimed at rebuilding the economy over the longer term, was drawn up after a recent review of the Covid-19 Economic Relief Plan (CERP), which was a short-term response to manage the impact of Covid-19 on households and businesses. Short-term stimulus measures under the CERP were implemented.
Under the MERRP, quick wins contained in the middle-term tasks of the MERRP will be given priority.
Likes emergency policies and relief plans to response to the pandemic, creation of a good investment climate characterized by transparency, simplicity, predictability and competitiveness capable of attracting foreign direct investment would be encouraged to support the sustainable development of the country.
GNLM
