April 25, 2020

Central Bank of Myanmar’s Governor U Kyaw Kyaw Maung attended a teleconferencing of the Spring Meetings of International Monetary Fund, the governors of central banks and financial ministers of ASEAN countries yesterday.

At the meeting, Ms Kristalina Georgieva, Managing Director of IMF, discussed the expectation of decline in global economic growth to 3 per cent this year, the fall of economic growth in ASEAN countries to 0.7 per cent and possibility of partial rebound in 2021.

She also confirmed possible assistance of her organizations to vulnerable groups and businesses; addressing unemployment rates, suspension of payment period from the G-20 countries, providing policy advice and financial assistance to member countries.

Governor U Kyaw Kyaw Maung explained the updates of situations on COVID-19 in Myanmar, impacts on social and economic sector, problems of garment industry, hotel and tourism sectors, losses in small and medium industries and increasing jobless rates, especially in garment industry, relax of financial policies and financial stimulus programmes of the country.

He also explained the recent changes of interest rates from the CBM and temporary plans in financial management at the banks as the government has set up COVID-19 funds with K100 billion to provide financial assistance to SMEs, garment factories and tourism sector in priority, supplying people who do not have regular income with basic foodstuffs, reduction of electricity bills, importance of IMF’s financial assistance, preparations for request of loan schemes of Rapid Credit Facility and Rapid Financing Instrument from IMF and expectation of good response from the IMF.

The meeting was also attended by Deputy Governor U Soe Min and high-ranking officials—MNA (Translated by Aung Khin)