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The violence has largely been blamed on the majority Buddhist population in the South East Asian country.
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Criticism has also been heaped onto the de facto leader of the country, Aung San Suu Kyi, for failing to speak up against the violence.
In a tweet, Kofi Annan expressed delight and his preparedness to help bring peace.
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Kofi Annan became the first black Secretary General of the UN in 1996 and won the Nobel Peace Prize in 2001.
He is the chairperson of a select group of elderly statesmen and women assembled by Nelson Mandela known as The Elders.
The Ghanaian was the first peace envoy of the Syrian war.