Myanmar

No amount/estimate: The CBM (i) cut the policy interest rate by 0.5 percentage points on 12 March 2020 and by 1 percentage point on 24 March 2020, and has announced a further 1.5 percentage points reduction to be effective 1 May 2020; (ii) May 2020, Deposit rates will be subject to a lower minimum rate of 6.5%, secured lending rates will be subject to a lower maximum of 11.5%, and unsecured lending will have a lower maximum rate of 14.5%.

No amount/estimate: 23 April 2020, The CBM announced the extension of the deadline for compliance to certain prudential regulations (enacted in July 2017) by three years from end-August 2020 to end-August 2023 to enable banks to support the economy cope with the impact of COVID-19.

No amount/estimate: April 2020, Income and commercial tax payments due in the second and third quarters of the fiscal year have been made extendable to the end of the fiscal year.

No amount/estimate: (i) April 2020, Starting 20 April 2020, the customs department has reduced duties for businesses operating with the Myanmar Automated Cargo Clearance System; (ii) April 2020, Exemption for the 2% advance income tax on exports to the end of the fiscal year has been announced; (iii) April 2020, The Ministry of Hotels and Tourism announced that fee for renewal license of hotels and tourism businesses will be exempted for one year up to the end of March 2021.

No amount/estimate: April 2020, Households without a regular income will be provided for with food during the upcoming long holidays; and electric bills, for up to 150 units, are exempt for most until the end of April 2020; (ii) April 2020, The Ministry of Labour, Immigration and Population will provide 40% of the social security fees for about 1.3 million insured workers from factories and workshops that are temporarily suspended for health inspections.

April 2020, The National Food Reserve has been allocated MMK38 billion.

(i) 29 January and 17 February 2020, Greater Mekong Subregion Health Security Project (USD6.60 million); (ii) 7 February 2020, Strengthening Regional Health Cooperation in the Greater Mekong Subregion-Additional Financing (USD0.33 million); (iii) 24 April 2020, Policy Advice for COVID-19 Economic Recovery in Southeast Asia (USD0.15 million); (iv) April 2020, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD2.87 million); (v) 24 July 2020, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3) (USD0.21 million); (vi) 28 July 2020, Transport Sector Reform and Modernization (Additional Financing) (USD0.27 million); (vii) 10 August 2020, Sustaining the Gains of the Regional Cooperation in the Greater Mekong Subregion (Additional Financing) (USD0.05 million); (viii) 21 August 2020, COVID-19 Active Response and Expenditure Support Program (USD250 million); (ix) 1 September 2020, Supporting Microfinance and Lending Partner Financial Institutions in their COVID-19 and Post-pandemic Response (USD0.16 million); (x) 8 October 2020, Greater Mekong Subregion Health Security Project (Additional Financing) (USD30 million); (xi) 02 December 2020, Promoting Transformative Gender Equality Agenda in Asia and the Pacific (Supplementary) (USD0.05 million); (xii) 5 February 2021, Climate Resilience Capacity Building for Women in Poultry and Fish Farming (USD0.10 million); (xiii) 7 September 2021, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 4) (USD0.16 million) [update].

(i) May 2020, The World Bank has approved a USD50 million credit for the Myanmar COVID-19 Emergency Response Project, as part of global emergency support operations through a dedicated fast-track COVID-19 facility (loan); (ii) 29 May 2020, The World Bank approved a (a) USD350 million credit from the International Development Association (IDA) to increase the output and efficiency of power generation and improve the resilience of Myanmar’s electricity system to climate change and disasters; and (b) USD110 million in additional financing for the Essential Health Services Access Project, implemented nationwide since 2015; (iii) 26 June 2020, USD200 million to boost agricultural productivity and support farmers in the wake of COVID-19; (iv) 26 June 2020, The IMF has approved USD356.5 million emergency assistance for Myanmar under the Rapid Credit Facility and the Rapid Financing Instrument to support the government’s COVID-19 Economic Relief Plan that aims at minimizing the pandemic’s impact by stimulating the economy and boosting expenditures especially on health and social safety nets; (v) 21 July 2020, The US Government is providing more than USD18.5 million to support Myanmar’s response to the COVID-19 pandemic, i.e. (a) approximately USD10.3 million for health and (b) USD8.2 million in disaster and humanitarian assistance, including to support vulnerable people and host communities during the pandemic; (vi) 15 August 2020, The Government of Japan provided medical equipment to Myanmar under a grant aid worth JPY2 billion (USD18.1); (vii) 1 September 2020, The Japan International Cooperation Agency (JICA) is providing JPY30 billion (approx. USD280 million) concessional loan to the Myanmar Government to support resilient economic recovery through implementation of COVID- 19 Economic Relief Plan (CERP) and related policies for investment/trade promotion and financial sector strengthening; (viii) October 2020, Additional Financing to Myanmar COVID-19 Emergency Response Project USD7.67 million; (ix) 13 January 2021, The IMF has approved the second emergency financial assistance equivalent to about USD350 million under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI).