President Barack Obama has signed into law legislation that will allow the US to back international financial institutions that support Burma’s economic and social development.
|President Barack Obama meets with Burmese opposition leader Aung San Suu Kyi in the Oval Office on Sept. 19, 2012. Photo: White House|
The US Treasury said that the legislation would allow support of economic development and help reintegrate the former military regime into the global economy.
The move will allow international institutions such as the World Bank, the International Monetary Fund and other groups to rapidly move into Burma to offer development loans to boost the economy and upgrade the country’s inadequate infrastructure.
"Implementation of this law will provide the United States with the ability to shape the policies and activities of these institutions in a way that advances reform, good governance, transparency and accountability in Burma," said Deputy Treasury Secretary Neal Wolin.
The move, which will have to be carried out in conjunction with Congress, comes just over a week after opposition leader Aung San Suu Kyi paid a historic visit to the United States by calling for an end to sanctions.
Washington lifted sanctions on American investment in Burma in July, enabling a major US trade delegation to visit the country.
US businesses have began to show interest in investing in Burma as the country is even now considering a new foreign investment law, which is working its way through Parliament.