US to ease financial restrictions on Myanmar

Washington, April 5 (IANS) The US will ease its financial and investment restrictions on Myanmar following the landmark parliamentary by-election in the country, Secretary of State Hillary Clinton said.

America was "beginning the process of a targeted easing of the ban on the export of US financial services and investment as part of a broader effort to help accelerate economic modernization and political reform," Clinton was quoted as saying by Xinhua.

Terming the by-election as an important step in Myanmar's transformation, she said the US was committed to "taking steps alongside the Burmese government and people as they move down the road of reform and development".

She said Washington was also easing the visa ban on Myanmar that will allow select officials and parliamentarians to visit the US.

Clinton also said the US is expected to nominate an ambassador to Myanmar very soon, to establish an in-country USAID mission and to support a normal country programme for the UN Development Programme (UNDP).

Myanmar held its parliamentary by-election April 1, in which the opposition led by Aung San Suu Kyi won 43 of 45 parliamentary seats available.