Obama Lifts Sanctions on Myanmar as Suu Kyi Visits White House

President Barack Obama said he would lift economic sanctions on Myanmar after meeting at the White House on Wednesday with the country’s de facto leader, Aung San Suu Kyi. Asian Development Bank projects Myanmar’s economy will expand 8.4 percent this year and 8.3 percent in 2017.

"The White House is likely prepared to make a strong statement by waiving most remaining U.S. sanctions with the exception of the arms embargo," said Herve Lemahieu, research associate at the International Institute for Strategic Studies in London. The U.S. still maintains a blacklist of people and companies, including two of the nation’s largest conglomerates, which invest in everything from mining to banking, but are controlled by the military. It also bans arms sales to Myanmar and the import of jade and gemstones from the country. U.S. entities investing more that $500,000 in Myanmar must file paperwork every year on issues from human rights to anti-corruption measures.

(Bloomberg)