After approving a first loan to address COVID-19 worth USD 356.5 million in June last year, the International Monetary Fund (IMF) approved a second emergency loan to Myanmar, valued this time at USD 350 million.
The investment “will help address Myanmar’s urgent financing needs related to the COVID-19 shock”, the IMF said.
The loan is part of a broader effort from the government to secure financial help from international partners to fund the purchase of COVID-19 vaccines under a World Health Organization program. On top of the IMF loan, it secured more than USD 600 million: USD 250 million from the Asian Development Bank, USD 60 million from the World Bank and USD 290 million from the Japan International Cooperation Agency.
The government also announced that it had received over USD 10 million in public donations within a week of its donation campaign, coming from business men, conglomerates, business associations, religious councils, foundations, or even the military. The government has itself earmarked over USD 250 million from its budget.