Since 2010, Myanmar has been in the midst of a multifaceted transition, involving economic reforms, the resolution of multiple long-standing civil conflicts, and a nascent transition to democratic rule. These transitions are coinciding with a resource-led economic boom. We assess the current status of governance institutions, as well as their performance in comparison to ASEAN and selected other countries. Specifically we discuss outstanding problem areas related to economic governance, particularly in the legal system, the business regulatory framework, and bureaucratic capacity, as well as the potential use of external policy anchors, particularly in the Extractive Industries Transparency Initiative (EITI) process, to strengthen Myanmar's ongoing reform effort.