Myanmar is considering taking advantage of emergency loans from global organizations to help ease the economic fallout of the COVID-19 pandemic. “We may seek emergency funds in the future, if things lead to the need for that,” U Aung Naing Oo, who leads the government’s pandemic response committee, told Yahoo Finance. “Our plan is to minimize the impact of COVID-19 on the economy.”

He said government officials have met with the International Monetary Fund, the World Bank and the Asian Development Bank, among others, to discuss emergency finance options. These organizations are assembling funding packages to help developing economies weather the global recession. The World Bank, for example, plans to provide USD 160 million in loans over the next 15 months. “The poorest and most vulnerable countries will likely be hit the hardest,” said World Bank president David Malpass in a statement. “The World Bank Group is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries.”

As the number of confirmed COVID-19 cases approaches 1.5 million worldwide, Myanmar has reported less than 30 cases within its own borders. However, several key economic sectors have suffered since January, when the new coronavirus began to spread throughout China. Affected industries include tourism, manufacturing and exports. Thousands of factory workers have lost their jobs and perishable goods, especially seafood, have been left to rot in warehouses as Myanmar’s neighbors close their borders. The government has already implemented tax breaks and emergency loans for enterprises in certain industries.