Foreign businesses exit Myanmar over coup

Foreign businesses and investors that bet on a democratic Myanmar have been left rattled and are exiting the country, following a military coup in which the leader of the ruling National League for Democracy (NLD) party Aung San Suu Kyi was detained. The Tatmadaw, Myanmar’s military, took control of the government by force at the start of this month – when NLD’s first parliamentary session had been due to start. The army has cited fraud in the November general elections, which Suu Kyi’s NLD won by a landslide, as rationale for the coup. The country is now in the hands of Min Aung Hlaing, commander-in-chief of the Tatmadaw, which has declared a one-year state of emergency. The coup will hit Myanmar’s economy, already in a fragile state because of Covid-19. “Myanmar faced large economic and social costs as a result of the pandemic,” reads a press briefing by the International Monetary Fund (IMF). “We are, of course, very concerned about the impact of recent events and what they could have on the people of Myanmar.” The dramatic takeover by the military has caused significant civil unrest and made doing business in Myanmar very difficult for foreign companies because the future… continue reading

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Source: CTRM Center

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