The International Monetary Fund (IMF) has urged Myanmar to keep on carrying out economic reforms to tackle development challenges and unleash its potential for growth.

IMF's executive directors noted the considerable economic potential of Myanmar, and welcomed the authorities' renewed commitment to addressing its development challenges through far-reaching reforms, Xinhua quoted IMF, the global lender, as saying in a statement Monday.

"Improved policy frameworks and a carefully sequenced implementation of reforms remain key to the success of the authorities' strategy," said the statement, released after the IMF publicised its annual Article IV economic consultation report.

Directors said reforming the exchange rate system remained the top priority for the nation.

They viewed the current stance of monetary policy as "broadly appropriate," and welcomed the authorities' plans to grant the Central Bank of Myanmar operational autonomy to pursue domestic price stability.