Pandemic update: Cases pass 120, manufacturing takes hit

At the time of writing, Myanmar’s confirmed COVID-19 cases have swelled to 123 with five deaths. Officially, the virus was carried in by individuals returning from countries such as Britain and the United States and Singapore. Famous musicians J Me and Myo Gyi, lead singer for Iron Cross, have gone into quarantine after attending a church service from which many seem to have contracted the coronavirus. Civilian vice president U Henry Van Thio was tested for COVID-19, after meeting with a pastor who later developed COVID-19 symptoms, however the vice president’s results were negative. The Yangon regional government has filed lawsuits against four people, including two church leaders, accused of holding religious services in defiance of localized orders. Although the virus appears to be spreading among Yangon’s upper classes, COVID-19 cases within working class and migrant worker communities may be under-reported due to a lack of testing capacity.

Economically, the week of the Thingyan new year was possibly the most taxing yet. The cancellation of traditional celebrations, freezing of bus, train and air travel and closures of bars, restaurants and other businesses took a toll on domestic markets. Although the pandemic has facilitated the rise of new manufacturing opportunities in the form of masks and medical supplies, the garment industry has taken a hit with at least 40 factories closing and thousands of workers without jobs.

The government has scrambled to issue relief for affected workers and businesses. Measures include an MMK 100 billion COVID-19 fund to provide soft loans to small and medium enterprises and other businesses in industries such as exports, manufacturing and tourism. On April 1, the Central Bank of Myanmar lowered interest rates by 1.5 percent, bringing the total rate to 8.5 percent per annum. On April 9, the Myanmar Investment Commission announced a 50 percent reduction of application fees for new enterprises, as well as a two month extension on licenses to import vehicles. On April 11, the government waved all tariffs on imported medical supplies.

Leave a Reply

Your email address will not be published.