U Kyaw Kyaw Maung, the Governor of the Central Bank of Myanmar, participated in a virtual meeting with the International Monetary Fund yesterday morning in order to discuss matters related to getting a second loan from the fund under COVID-19 loan scheme.

The virtual meeting was also participated by Deputy Minister for Industry Dr Min Ye Paing Hein, CBM Vice-Governor U Bo Bo Nge, IMF Mission Chief for Myanmar Mr Shanaka Jayanath Peiris, IMF Southeast Asia Voting Group Executive Director Ms Alisara Mahasandana, IMF Resident Representative for Myanmar Mr Neil Saker, and senior officials from the CBM and the Ministry of Planning, Finance and Industry.

During the meeting, the participants discussed COVID-19 impacts on the global economy and matters related to getting the second loan under COVID-19 (Rapid Credit Facility and Rapid Financing Instrument).

They also discussed COVID-19 impacts on Myanmar’s economy, development of Myanmar’s financial sector, possible inflation in Myanmar, foreign exchange rates and liquidity, trade deficit, a significant increase in Myanmar’s foreign exchange reserves, and situations in the banking sector of Myanmar, IMF’s plan to provide assistance in taking up the challenges that Myanmar’s financial sector is facing, the impact of an increase in spending during the COVID-19 pandemic, the need for additional funding, the cooperation between the CBM and the Ministry of Planning, Finance and Industry and other related issues.

MNA

(Translated by Maung Maung Swe)

Photo:MNA

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