Zin Linn, Jun 03, 2013
Burma President Thein Sein addressed the ceremony of Rural Region Development and Socio-economic Improvement in Yangon Region at National Indoor Stadium (1) on Sunday morning, The New Light of Myanmar reported today.
In his address, the President said that utmost efforts had been made for the success of political, economic and administrative reforms during his two years in office.
While carrying out the development of peace and stability, national reconciliation and the rule of law, the nation had faced unforeseen challenges and difficulties. However, the government is determined to overcome these challenges and difficulties, the President said.
The President pointed out that without political stability economic development cannot be realized and without socioeconomic development political stability cannot be achieved, because politics and economy are interrelated.
Burma President Thein Sein addressed the ceremony of Rural Region Development and Socio-economic Improvement in Yangon Region at National Indoor Stadium (1) on 2 June, 2013, Sunday. (Photo:http://www.president-office.gov.mm/en/)
“Although the country has economic potential, the appropriate size of population and territory, favorable weather patterns, a vast area of arable farmlands, a large workforce and natural resources, the country was listed as a LDC [Least Developed Country],” he said.
He stressed the need for hard work to help Burma remove itself from the LDC list, adding that 70 per cent of the total population are extremely poor rural people whose livelihoods depend on the agricultural sector. He also acknowledged that city dwellers are kept in poverty by high interest rates, with much of their earnings going to business owners and moneylenders.
The President called for the establishment of cooperative societies and microfinance programs.
“Microfinance is intended not only to create immediate breathing space for citizens but also to enable them to stand on their own feet in the future,” the President said, calling for borrowers to make good use of loans and to repay in full when the time is due.
However, Aung San Suu Kyi slammed the president’s reforms during an interview with Radio Free Asia (Burmese Service) last month. She also said that more action and less talk is required of the president if he is to complete the reform process.
Currently, the military and their cronies have a huge amount of control over the country’s economy. The Burmese military set up two economic enterprises, the Union of Myanmar Economic Holding Limited (UMEHL) and the Myanmar Economic Corporation (MEC), in 1990 and 1993 respectively. Both are still exploiting the country’s key economic sectors with no benefits flowing to the citizens of Burma.
The country’s important natural resources and heavy industries including import, export and service sectors are monopolized by the UMEHL, MEC and their allies. Military-managed business firms and crony enterprises are corrupt, and precious natural resources have been exploited while the majority of citizens have been living in dire poverty for decades.
Despite much talk about needed economic reform, President Thein Sein failed to mention the corruption and unprofessional conduct of UMEHL and MEC. Without officially recognizing the well embedded corrupt practices in Burma, there can be no means to adequately address the issue.
The country’s citizens are very poor not because the country has no resources, but because the country’s leaders, including the new semi-elected government, refuses to acknowledge the extent of corruption and wealth amassed by the powers that be.
Without changing the functions and ownership of UMEHL and MEC, President Thein Sein’s reform process will be of little real benefit to Burma’s people. As foreign investment increases, the same military affiliated businesses and crony associates will be the biggest beneficiaries, not the citizens.
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