A U.S. official and congressional aides say that President Barack Obama is set to lift U.S. economic sanctions on Burma.

Obama is meeting Wednesday with the country's de facto leader, Aung San Suu Kyi.

Congressional aides say Suu Kyi has requested the removal of the national emergency with respect to Burma -- the executive order authorizing sanctions that has been renewed annually by U.S. presidents for two decades.

The official says that by terminating the emergency, 111 Burmese individuals and companies will be dropped from a Treasury blacklist and restrictions will be lifted on new investment with the military and on the imports of rubies and jade.

The official and aides spoke on condition of anonymity as they are not authorized to discuss the matter ahead of a formal announcement.