Myanmar parliament approves loans for country's deficit financing

NAYPYIDAW (Xinhua): Myanmar parliament approved to get US$700 million of loan from the International Monetary Fund (IMF) to finance the country's deficit for 2019-20 fiscal year (FY) at a meeting on Tuesday (May 26).

"The country's deficit for this financial year is expected to increase as the government has spent a lot of budgets on sectors that were not included in the initial target plan due to Covid-19 outbreak while the country's income seems to get lesser.