Burma covid-19 outbreak economy Coronavirus Burma

IMF approves emergency funding for pandemic-hit Myanmar

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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 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 $118.8 million will come from the Rapid Credit Facility and the remaining $237.7.

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