ASEAN agrees to Myanmar's proposal for financial inclusion system

ASEAN finance ministers have agreed to Myanmar's proposal to enhance a "financial inclusion" system which aims to help all people in the region get access to financial services, state media quoted Myanmar Finance Minister U Win Shein, chair of the regional meeting, as reporting Sunday.

Further discussion about the proposal will be made at a conference level, U Win Shein told the 18th ASEAN Finance Ministers Meeting which ended in Nay Pyi Taw on Saturday.

The meeting focused on developing the financial inclusion system in order for everyone to be able to access financial services as Myanmar people are "very weak"in using financial services, U Win Shein added.

Managing Director of the International Monetary Fund (IMF) Naoyuki Shinohara said at the meeting that Myanmar's economy grows strong with a rate of around 7.8 percent, which is expected to continue next year.

Despite opening up three years ago, the country still has challenges ahead with the IMF working together with the authorities to overcome the challenges, he said.

Noting that Myanmar has huge natural resources, he said it is an advantage for the country's economy to invite manufacturer- based investment, adding that Myanmar has to offer a lot for ASEAN economic integration which can benefit the country.

The IMF, together with Myanmar, is jointly monitoring the government's monetary programs and has provided policy advice to Myanmar in areas such as flexible liberalization of foreign exchange market, central bank cooperation and economic statistics.

The IMF has also provided capacity building in Myanmar in order to set up strong institutions related to financial services.