April 04, 2020
Union Minister for Planning, Finance and Industry U Soe Win attended a High-Level teleconference with ASEAN+3 member states, Mongolia, Timor-Leste, World Bank, IMF, ADB and AIIB yesterday.
Ms Victoria Kwakwa, Vice Chairperson for Asia-Pacific Region of World Bank, Vice Chairpersons of International Finance Corporation and Multilateral Investment Agency, and Director Mr Changyong Rhee of IMF led the discussion.
They discussed temporary shock on the global supply chain due to COVID-19, crisis response facility of Asia-Pacific countries, and low interest loans from the World Bank and IMF regarding the containment, prevention and treatment of the virus.
Union Minister U Soe Win then said the COVID-19 Fund has K100 billion to supply loans for businesses facing economic repercussions from the virus at 1 per cent interest rate for a one-year period.
He said the Hluttaw session in April will discuss the US$ 50 million loan from the World Bank for funding preparations against COVID-19. He said the Ministry of Health and Sports will acquire US$ 4 million from the Greater Mekong Sub-Region Health Security Project from ADB loans.
The meeting was attended by Deputy Ministers for Planning, Finance and Industry U Maung Maung Win, U Sett Aung and Dr Min Ye Paing Hein, and departmental officials. — MNA (Translated by Zaw Htet Oo)
