U Thaung Tun, Union Minister for Investment and Foreign Economic Relations and Chair of Working Committee to Address the Possible Impacts of COVID-19 on the Country’s Economy, received Mr. Gevorg Sargsyan, Country Director of the World Bank Group at the Ministry of Investment and Foreign Economic Relations in Nay Pyi Taw yesterday morning.

The Union Minister and the Country Director discussed matters relating to strengthening cooperation between the Bank and the Working Committee regarding the possible impacts of COVID-19 on the country’s economy.

The Union Minister underscored “ Whole of Nation” approach adopted by Myanmar to prevent and control the COVID-19.

He affirmed that the Committee is closely monitoring the situation. It is giving guidance and promoting public awareness on COVID-19 through print media, radio and television and social media. To date there are no confirmed cases of COVID-19 in Myanmar. The Government and people are not letting down their guard. The Union Minister expressed his appreciation to the World Bank for allocating funds to support Myanmar’s efforts.

The Union Minister also informed the World Bank Country Director of the setting up of a 100 Billion Kyat stimulus package to remedy possible economic impacts on SMEs.

The Director confirmed that the World Bank would make available US $ 14 billion to support member countries’ efforts to meet the challenge of COVID-19. He said US $ 50 million would be available for Myanmar under IDA credit Fast Track Facility and that World Bank teams were currently evaluating the possible impact on Myanmar’s economy.

U Barat Singh, Deputy Minister for Ministry of Investment and Foreign Economic Relations, U Aung Naing Oo, Permanent Secretary, and senior officials also attended at the meeting. —MNA