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
IMF Staff Country Reports, July 2, 2020
Source details
- Canonical URL
- 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
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Bibliographic details
- Published: July 2, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513548937.002
Executive 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, given a frail healthcare system and inadequate social safety nets.
- Myanmar faces already low international reserves and a fragile banking system.
- Measures to contain and alleviate the effects of the pandemic open up sizeable BOP and fiscal financing gaps in the near term.
Major risks and transmission channels
- Weaker exports
- Reduced tourism receipts
- Lower remittances
- Weakened domestic demand
- Strain on a frail healthcare system
- Insufficient social safety nets
- Low international reserves
- Fragile banking system
Policy implications and financing needs
- Near-term sizeable balance of payments (BOP) and fiscal financing gaps are expected as a result of containment and alleviation measures.
- IMF emergency financing instruments referenced: Rapid Credit Facility and Rapid Financing Instrument.
- Keywords indicating focus areas: CBM financing, COVID-19, CR, Credit, financing, financing needs, Global, IMF emergency financing, IMF's article, ISCR, Monetary base, Myanmar economy.
Document and metadata
- Publication title: 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
- Date: July 2, 2020
- Series: Country Report No. 2020/215
- Issue: 215
- Volume: 2020
- Pages: 49
- DOI: https://doi.org/10.5089/9781513548937.002
- ISBN: 9781513548937
- ISSN: 1934-7685
- Subject: Banking, COVID-19, Credit, External debt, Health, Monetary base, Money, Public debt
Source: IMF Staff Country Reports — "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", July 2, 2020.
Content in this bundle
- 1mmrea2020005