Myanmar talking with World Bank, ADB, IMF for funds to rescue economy

The World Bank Group building in Washington DC

May 7 - The Myanmar government is negotiating for aid and assistance from the World Bank, Asian Development Bank (ADB) and International Monetary Fund (IMF) to help it implement a stimulus plan to rescue its virus-hit economy, according to Myanmar Times Thursday.

In a news report quoting U Maung Maung Win, deputy minister of Planning, Finance and Industry, the media outlet said the funds being negotiated for will be used to provide relief to businesses and industries affected by Covid-19.

On April 27, the government announced The Covid-19 Economic Relief Plan (CERP) to provide relief to the private sector through low-interest loans of up to K500 billion and credit guarantee schemes.

So far, the World Bank has approved a US$50 million financing scheme for the Myanmar Covid-19 Emergency Response Project as part of global emergency support operations through a dedicated fast-track COVID-19 facility, Myanmar Times said.

The World Bank has also announced it is deploying up to US$160 billion in financial support over the next 15 months to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery.

U Kyaw Kyaw Maung, governor of the Central Bank of Myanmar (CBM), has said there is a possibility that the Myanmar economy could slip into recession as a consequence of the pandemic.

The CBM is applying for IMF's Rapid Credit Facility and Rapid Financing Instrument.

In the meantime, aid has come from the west.

Denmark on May 6 confirmed its support to two local garment manufacturers to reorganise their factory facilities for the production of personal protection equipment (PPE), such as medical grade masks and isolation gowns, by placing orders worth of K200 million, according to Myanmar Times.

Last month, the European Union (EU) said it would provide €5 million (K7.9 billion) in cash to support garment workers in Myanmar affected by Covid-19.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Regional

China tests central bank digital currency use to settle trades via ‘bridge’ with partners including Hong Kong, Thailand and UAE
AI guru is helping retool popular Japanese snacks like Pocky
SG uni student took upskirt video of woman in toilet and then waited to apologise to her
Second employee caught on video allegedly maltreating toddler at Hong Kong charity’s care home
Flight frequency between Malaysia and China to increase to 30 weekly
Sailor Moon lookalike English teacher in China trends on social media with lively, humorous and engaging teaching style
China lacks the right workers to boost Xi’s favoured tech jobs
Malaysia's PPI eases further to 6.8% in August
Gains on Bursa capped by profit-taking
Teen faces death penalty for boyfriend's murder

Others Also Read