BRITISH INTERNATIONAL SCHOOL, PHUKET
Oak Maedow Phuket BRITISH INTERNATIONAL SCHOOL, PHUKET Kata Rocks
The Phuket News Novosti Phuket Khao Phuket

Login | Create Account | Search


IMF approves emergency funding for pandemic-hit Myanmar

IMF approves emergency funding for pandemic-hit Myanmar

MYANMAR: The International Monetary Fund said Friday it will provide Myanmar with US$356.5 million (more than B11bn) in emergency funding, as the southeast Asian country battles an economic slump due to the coronavirus pandemic.

COVID-19health
By AFP

Saturday 27 June 2020, 10:08AM


The International Monetary Fund said on Friday it will provide Myanmar with US$356.5 million in emergency funding, as the southeast Asian country battles an economic slump due to the coronavirus pandemic. Photo: AFP

The International Monetary Fund said on Friday it will provide Myanmar with US$356.5 million in emergency funding, as the southeast Asian country battles an economic slump due to the coronavirus pandemic. Photo: AFP

“The Myanmar economy is being impacted by the outbreak of COVID-19 through a sharp decline in tourism and remittances and supply chain disruptions,” Mitsuhiro Furusawa, IMF deputy managing director, said in a statement.

The fund “will help address Myanmar’s urgent financing needs related to COVID-19 shock, and catalyze support from development partners.”

The money comes from two programs put into place to ensure rapid disbursement of funding without the need for lengthy negotiations over a reform program by Myanmar.

Some US$118.8 million will come from the Rapid Credit Facility and the remaining US$237.7 million will draw from the Rapid Financing Instrument.

It was the 72nd request for emergency financial assistance approved by the fund’s executive board to address the impact of the pandemic.

The funding will help Myanmar’s government as it boosts health spending, expands food distribution and cash transfer programs to the most vulnerable, as well as businesses and farmers, the IMF said.

Comment on this story

* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.

CAPTCHA

Be the first to comment.

 

Have a news tip-off? Click here

 

Phuket community
COVID infected Egyptian soldier triggers Rayong inquiry

@ Lala Maybe you could name your home country and tell us about how well they managed the Covid si...(Read More)


COVID infected Egyptian soldier triggers Rayong inquiry

As the Thai Government says it herself:..." UAE, Pakistan, Egypt, and don't forget China ar...(Read More)


COVID infected Egyptian soldier triggers Rayong inquiry

PANIK IN LOS. Very funny to see how the government machinery works. Now all Diplomats and Business R...(Read More)


COVID infected Egyptian soldier triggers Rayong inquiry

"They were not asked to quarantine because they were coming for less than 14 days but they were...(Read More)


Six months after Thailand’s first COVID case, Phuket holding strong, says island health chief

In my experience most people on Phuket have been wearing masks. But I am now in Khao Lak for a few d...(Read More)


COVID vaccine ready ‘next year’

1. Nobody said anything about each person needing 2 doses. That would be unusual and you could argue...(Read More)


DSI pursuing corruption charges over The Peaks condo project, says MP Sira

It is very much time to have Orbor Tor elections. The 6 years serving present 'Officials' in...(Read More)


DSI pursuing corruption charges over The Peaks condo project, says MP Sira

WE know what happens if someone "pushes" too hard, they "disappear," or run for ...(Read More)


COVID infected Egyptian soldier triggers Rayong inquiry

Aren't we missing something? Missing the reason why Egyptian soldiers were in Rayong, UAE, Pakis...(Read More)


COVID vaccine ready ‘next year’

"3 Million are paper phantom doses.Meaning commission doses" OMG Kurt,what a load of rubbi...(Read More)