The incumbent government needs to review the undertakings of local and foreign economists and the interferences of nominal donors and foundations in order to solve the current economic problem and the unstable monetary market, said Dr. Pwint Hsan, the former deputy commerce minister at a press conference of the opposition Union Solidarity and Development Party (USDP) on September 22.
The government led by the National League for Democracy said the country sees economic development during its tenure. People and entrepreneurs have accepted the facts that the country’s economy is declining. Currently, the local currency is seriously depreciating against the US dollar. The current government is mainly responsible for the current problems, Dr. Pwint Hsan who is also a CEC member of the USDP added.
The government’s economic policy is very broad. The fact whether a government achieves success or not depends on its undertakings. It is the duty of officials to review policies and fix some mistakes. There are many reasons pertaining to economic decline and unstable monetary. These matters are interrelated. There is a main reason. I assume it is the duty of those in the administrative sector to scrutinize the root cause of problems thoroughly. The government is responsible for making reforms after reviews.
As all we know the fact that the local currency depreciation against the US dollar is more serious than other currencies. The local currency has dropped by more than 20 per cent. The government needs to deal with this problem as quickly as possible. Now the government’s response is very slow and the government is unable control the situation. Especially, entrepreneurs had high hopes for the meeting with the State Counsellor. After the meeting, the situation has become worse.