December 12, 2020

Union Minister for Planning, Finance and Industry U Soe Win held a virtual meeting with (International Monetary Fund) IMF Mission Chief Mr Shanaka Jayanath Peiris yesterday.

During the meeting, the Union Minister expressed words of thanks for granting $700 million IMF loan to Myanmar under Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) programmes while the country is trying hard to ease the socio-economic impacts of COVID-19.

He also discussed the use of $350 million for the first phase in 2019-2020FY and plans to sing Letter of Intent and MoU to utilize the rest $350 milllion in 2020-2021 as the second phase, supervisory for the cost-effectiveness in using the loans, extension of debt repayments by G20 from May to the end of December 2020 and another extension until the end of June 2021, technical aids of IMF in public financial management and taxation system, Fiscal Risk and plan to amend Myanmar Economic Resilience and Reform Plan (MERRP) in the post COVID-19 period.

IMF Mission Chief Mr Shanaka Jayanath Peiris then said he energized the COVID-19 response of Myanmar government and submission to IMF Director Board for the second $ 350 million IMF loan under RCF and RFI programmes in coming mid-January.

He also discussed the financial aid, including technical supports for public financial management and tax system, management for Fiscal Risk and technical cooperation.
The meeting was also attended by Deputy Ministers U Maung Maung Win, U Sett Aung and Dr Min Ye Paing Hein, the Permanent Secretary U Tun Tun Naing and departmental officials.—MNA (Translated by Khine Thazin Han)