If excuses for reform continue, Myanmar will be the poorest country in the next 20 years, says MP

If excuses for reform continue, Myanmar will be the poorest country in the next 20 years, said U Aye Chan, a representative for Hlaing Thar Yar (East) constituency. He made the remarks during a debate on bank consolidation held in the Pyithu Hluttaw on October 5. "Excuses that it does not yet suit Myanmar's situation have been given since 1962. What is the result of the excuses given in '62? It has become the poorest country in Southeast Asia. I propose this because I cannot bear to see Myanmar become the poorest country for another twenty years," he said. It is understood that after five representatives debated the proposal for bank consolidation, it was recorded that it should be considered when the time is right, and the current situation will be monitored. It is known that Myanmar has four state-owned banks and 27 private banks, and among these 27 private banks, there are seven large banks, two medium-sized banks, and 18 small banks, according to the Central Bank of Myanmar. U Aye Chan, who proposed the bank consolidation, is the son of former Chief of Defence Services (Navy) U Soe Thein, who served as a senior minister responsible for economic policies during the administration of President Thein Sein.