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AP-Senior Myanmar Min Resigns As In



Subject: AP-Senior Myanmar Min Resigns As Invest Approvals Plunge

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Wednesday, December 1 5:55 PM SGT=20
Senior Myanmar Min Resigns As Invest Approvals Plunge
YANGON (AP)--A senior minister in Myanmar's military government, Brig. =
Gen. Maung Maung, has resigned, the third minister to stand down in a =
month, official newspapers announced Wednesday.=20
Maung Maung quit as minister to the prime minister's office and was also =
expected to relinquish his position as secretary of the Myanmar =
Investment Commission, which controls foreign investment.=20

Investment approvals in Myanmar plunged 95% in the last fiscal year as =
the economy buckled under pressure from alleged mismanagement, foreign =
sanctions and the Asian economic crisis.=20

The newspapers gave no reasons for Maung Maung's resignation. However, =
he wasn't seen by outsiders as a figure who inspired confidence, often =
answering business questions with Buddhist parables or denying that the =
country - the world's biggest heroin producer - had a drug problem.=20

The U.S. has banned new investment and other foreign firms have pulled =
out of Myanmar due to concern over the regime's suppression of democracy =
and reported abuse of human rights.=20

A recent confidential World Bank report on Myanmar laid the blame for =
economic woes on government mismanagement since the current regime took =
power in 1988.=20

The World Bank called for political as well as economic reforms to stop =
a dangerous downward spiral in the economy. Inflation is running at 49% =
and the banking system risks a crisis due to growing debts.=20

In the first half of this year, Myanmar approved only $11.8 million in =
foreign investment, compared with $248.3 million in all of 1998 and =
$1.26 billion in 1997, according to official figures.=20

Maung Maung's resignation follows the forced retirements of Commerce =
Minister Maj. Gen. Kyaw Than and Sports Minister Brig. Sein Win in =
October.=20


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<DIV><FONT face=3DArial size=3D2><B>Wednesday, December 1</B> 5:55 PM =
SGT=20
<H2><FONT size=3D4>Senior Myanmar Min Resigns As Invest Approvals=20
Plunge</FONT></H2>YANGON (AP)--A senior minister in Myanmar's military=20
government, Brig. Gen. Maung Maung, has resigned, the third minister to =
stand=20
down in a month, official newspapers announced Wednesday.=20
<P>Maung Maung quit as minister to the prime minister's office and was =
also=20
expected to relinquish his position as secretary of the Myanmar =
Investment=20
Commission, which controls foreign investment.=20
<P>Investment approvals in Myanmar plunged 95% in the last fiscal year =
as the=20
economy buckled under pressure from alleged mismanagement, foreign =
sanctions and=20
the Asian economic crisis.=20
<P>The newspapers gave no reasons for Maung Maung's resignation. =
However, he=20
wasn't seen by outsiders as a figure who inspired confidence, often =
answering=20
business questions with Buddhist parables or denying that the country - =
the=20
world's biggest heroin producer - had a drug problem.=20
<P>The U.S. has banned new investment and other foreign firms have =
pulled out of=20
Myanmar due to concern over the regime's suppression of democracy and =
reported=20
abuse of human rights.=20
<P>A recent confidential World Bank report on Myanmar laid the blame for =

economic woes on government mismanagement since the current regime took =
power in=20
1988.=20
<P>The World Bank called for political as well as economic reforms to =
stop a=20
dangerous downward spiral in the economy. Inflation is running at 49% =
and the=20
banking system risks a crisis due to growing debts.=20
<P>In the first half of this year, Myanmar approved only $11.8 million =
in=20
foreign investment, compared with $248.3 million in all of 1998 and =
$1.26=20
billion in 1997, according to official figures.=20
<P>Maung Maung's resignation follows the forced retirements of Commerce =
Minister=20
Maj. Gen. Kyaw Than and Sports Minister Brig. Sein Win in October.=20
</P></FONT></DIV></BODY></HTML>

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