Myanmar expects worst of Covid’s economic impact from Sept

Myanmar expects worst of Covid’s economic impact from Sept

Rain clouds linger over a construction site during the sunset in Yangon on June 3, 2020. (AFP photo)
Rain clouds linger over a construction site during the sunset in Yangon on June 3, 2020. (AFP photo)

Myanmar’s de facto leader Aung San Suu Kyi said the most severe economic impact from the novel coronavirus outbreak is expected in the final four months of this year.

“We’d like to reassure the people that we’re well prepared to address the impacts,” Suu Kyi said in a panel discussion via video conference on Tuesday. “We believe we’ll be able to overcome them through inclusive cooperation.”

Thailand’s neighbour is due to receive $1.25 billion in emergency loans from international organisations, Thaung Tun, investment and foreign economic relations minister, said in the same panel.

The funds are coming from the International Monetary Fund, the Japan International Cooperation Agency, the World Bank and the Asian Development Bank, Thaung Tun said. Further loans may be approved, taking total to $2 billion, according to the government.

Myanmar’s official novel coronavirus case count stands at 262, including six fatalities, although there are concerns some infections are undetected.



Do you like the content of this article?
COMMENT (3)

US delegation 'will have to wear masks'

A delegation led by the United States' army chief of staff won't be quarantined at state facilities, but they will be required to wear face masks during their talks with the prime minister, according to the Centre for Covid-19 Situation Administration (CCSA).

6 Jul 2020

Switzerland awash with ventilators

ZURICH: Swiss authorities are trying to figure out what to do with a potential surplus of ventilators which they snapped up in the scramble for equipment to fight the coronavirus pandemic.

6 Jul 2020

Central bank not ruling out further easing

The central bank has not shut the door to further monetary policy easing, a deputy governor said, after cutting the key rate three times this year to a record low of 0.5% to support an economy badly hit by the coronavirus outbreak.

6 Jul 2020