MOSCOW (Pakistan Point News / Sputnik - 27th June, 2020) The International Monetary Fund (IMF) has approved to provide $356.5 million in financial assistance to Myanmar as the country struggles to cope with economic fallout from the coronavirus pandemic, according to a press release on the fund's website.
"To address the urgent balance-of-payments and fiscal needs, the IMF has approved US$ 356.5 million emergency assistance for Myanmar under the Rapid Credit Facility and the Rapid Financing Instrument," the press release read.
The funds will go towards the Economic Relief Plan put together by Myanmar's government to tackle the economic impact of COVID-19, including through such measures as increased health expenditure, food distribution, support to businesses and farmers and cash transfer programs for the most vulnerable populations.
On its end, Myanmar has committed to "put in place targeted governance, transparency and accountability measures to ensure the appropriate use of emergency financing" and, under obligations of Article VIII of the IMF Articles of Agreement, reiterated its commitment to "maintaining an exchange system free of restrictions on payments for current international transactions."
According to the press release, this is already the 72nd request for COVID-19 emergency financial assistance that the IMF Executive board has approved.
