IMF approves emergency funding for pandemic-hit Myanmar

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IMF approves emergency funding for pandemic-hit Myanmar

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

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 The money comes from two programs put into place to ensure rapid dshock, and catalyze support from development partners."

Isbursement of funding without the need for lengthy negotiations over a reform program by Myanmar.

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

It was the 72th request for emergency financial assistance approved by the fund's executive board to address the impact of the pandemic.(AFP/APP)