Wat Mahathat temple, Ayutthaya, Thailand.

The Myanmar Government has announced that it will place the cash-strapped lender Myanmar Agricultural Development Bank (MADB) under the control of the Finance Ministry. The Government plans to restructure MADB as part of an economy wide investigation into a state-owned enterprise. The Government’s Economic Committee had already agreed to the proposal on the condition that MADB undergoes reform which is likely to involve the re-constitution of the board of directors, management and shareholders. The Government will conduct a feasibility study into possible reform measures which is likely to take several months and will include an analysis of the bank’s financial position. Read more…