YANGON -- Myanmar President Win Myint nominated a finance professional with deep international experience to become the nation's next finance minister on Monday, hoping to advance reforms that will breathe new life into the economy.
Soe Win, a 79-year-old managing partner at Deloitte Touche Myanmar Vigour Advisory, will succeed Kyaw Win, who resigned Friday after being placed under investigation by the country's corruption watchdog. Many local business leaders blamed Kyaw Win for the lack of progress on economic reforms.
Soe Win needs parliamentary approval before officially taking office. He worked for three decades at a state-run bank before setting up his own accounting firm, which eventually partnered with Deloitte. He is now also part of the economic policy think tank under the ruling National League for Democracy.
Myanmar began modernizing its economy in 2011 under then-President Thein Sein. But reforms slowed after the current government, led by State Counselor Aung San Suu Kyi, took over in 2016. In a May 17 report, the World Bank warned that delays in reforms, in addition to the Rohingya refugee crisis, could hurt the Myanmar economy.