Myanmar:Requests for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Myanmar

Author: International Monetary Fund. Asia and Pacific Dept

Requests for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Myanmar

Volume/Issue: Volume 2020 Issue 215

Publication date: July 2020

ISBN: 9781513548937

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Topics covered in this book

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Business and Economics , Health and Fitness , Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , financing , IMF emergency financing , Myanmar economy , CBM financing , financing needs , IMF's article , COVID-19 , Monetary base , Credit , Global

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Summary

The COVID-19 pandemic is expected to hit hard Myanmar’s economy via weaker exports, tourism, remittances and domestic demand. The economic and social costs of a widespread outbreak could be large, against the backdrop of a frail healthcare system and inadequate social safety nets, as well as already low international reserves and a fragile banking system. The measures to contain and alleviate the effects of the pandemic open up sizeable BOP and fiscal financing gaps in the near term.