The ADB’s logo. Photo – EPA

 

U Thaung Tun, Union Minister for Investment and Foreign Economic Relations (MIFER) and Chair of Working Committee to Address the Possible Impacts of COVID-19 on the Country’s Economy had separately met with Gevorg Sargsyan, Acting Country Director of the World Bank Myanmar and Newin Sinsiri, Asian Development Bank (ADB) Country Director, March 23, Nay Pyi Taw, the Ministry released. 

 

MIFER released that U Thaung Tun, the Chair of Working Committee to Address the Possible Impacts of COVID-19 on the Country’s Economy discussed with the World Bank to cooperate between the Committee and the World Bank to respond the impacts of COVID-19 on the country’s economy.

Also, U Thaung Tun and ADB discussed that ADB assistance to economic fallout from COVID 19.

MIFER said the World Bank informed that it would make available US 14 Billion to support member countries’ efforts to meet the challenge of COVID-19. Then, World Bank said US 50 million would be available for Myanmar under IDA credit Fast Track Facility and that World Bank teams were currently evaluating the possible impact on Myanmar’s economy.

Then, Asian Development Bank informed that would allocate US$ 6.5 billion assistance package for Developing Member Countries of ADB.

ADB coordinates with the Ministry of Health and Sports to provide loans and grants to use in the Myanmar’s efforts to prevent and control COVID-19.

Also, U Thaung Tun, the Chair of Working Committee to Address the Possible Impacts of COVID-19 on the Country’s Economy and ADB discussed the allocation of US$ 1 million under the GMS Health Security Project Fund.

 

More detail:  https://www.mmtimes.com/news/world-bank-adb-assist-myanmars-efforts-deal-covid-19s-effects.html