US to sign more than $10M in loan guarantees with local
microfinance institutions to support food access, job opportunities
Obama
on Wednesday lifted economic sanctions on Myanmar as he met with the country's
State Counselor Aung San Suu Kyi.
The
action came in a letter to Congress during his meeting with Suu Kyi at the Oval
Office.
According
to the White House, the president was going to consult with Suu Kyi about
whether to further ease U.S. sanctions to help the democratic transition in
that country during her first visit to Washington since she secured a sweeping
victory against military rulers in last year's elections.
Following
the meeting, the White House issued a statement announcing the termination of
national emergency and a presidential executive order regarding the sanctions
on Myanmar.
“[The]
United States intends to sign a loan guarantee with five local microfinance
institutions to support over $10 million in loans to small businesses in
Myanmar, which will increase access to food and support employment
opportunities for communities in Myanmar,” the statement said.
The
two countries will also cooperate in several areas to promote democratic
transition and ease ethnic and religious conflicts in the country, according to
the statement.
Washington
eased some sanctions on Myanmar earlier this year to support political reform,
while keeping in place major economic restrictions due to human rights
violations and efforts to hamper the democratic process led by Suu Kyi’s
government.
Despite
her victory, Suu Kyi is barred from being president under the country's
military-drafted constitution because her sons are not Myanmar citizens.
She
serves instead as the country's de facto leader by holding positions of foreign
minister and state counselor.
Suu
Kyi, has been criticized by human rights groups for failing to address the
plight of the country's stateless Rohingya Muslim minority. About 125,000
remain confined to squalid camps on the country's western coast following
violence between Buddhists and Muslims in 2012.
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