Senior General Min Aung Hlaing has attracted ridicule for airing grand development plans at a time when the economy is in crisis, but even the regime’s more rational economic goals are unlikely to be achievable.
The military regime is set to drop meaningful structural reforms from an economic recovery plan initiated by the former National League for Democracy government, and is instead promising to slash red tape in a bid to shore up collapsing business confidence.
Bankers say they are facing threats of nationalisation or forced reopening as the military regime grapples with an industry-wide strike, but a lack of physical cash also looms as a potential crisis point.
Myanmar’s new military regime is striving to present a business-as-usual approach to the economy in the face of daily street protests, but even a normally pliant private sector is crying foul at some of its initial steps.
The Kayin State Border Guard Force has come under intense pressure from the Tatmadaw over its extensive, controversial business interests and there’s concern the ultimatum could trigger fresh hostilities in one of the country’s most war-torn areas.