The European Union is deliberating on a €150 million ($197 million) aid package for Myanmar, according to the latest report.

The package is meant for the country’s health, education, agriculture and institutional capacity-building, says AFP.  EU's decision to lift its travel ban on Myanmar leaders is seen as a first step toward easing sanctions against the country, following Myanmar's recent democratization move.

Since coming to power in March 2011, the new military-backed government in Myanmar, dominated by former generals has made a series of reformist moves. These included releasing hundreds of political prisoners and pursuing peace deals with armed ethnic minority rebels.

Last year, the U.S. Secretary of State Hillary Clinton and the UK Foreign Secretary William Hague made landmark visits to the country, followed by Danish Minister for Development Cooperation Christian Friis Bach this January.

Norway too is considering to offer special privileges to commodities exported by Myanmar, according to a report. Norway had already announced its decision, earlier this month, to lift trade and investment sanctions imposed on Myanmar, which restricts private Norwegian companies from doing business with and investing in the country.

Myanmar will see a by-election on April 1 in which Nobel Peace Prize winner Aung San Suu Kyi and her National League for Democracy party will contest the 48 parliamentary seats that are open.