This week Myanmar saw major pledges from the World Bank and Alibaba as the government promised COVID-19 relief will reach businesses beyond Yangon.
Businesses are emerging from COVID-19 restrictions and overseas investments have been announced but workers and fishing crews face economic turmoil.
Myanmar’s economy is beginning to look at its post-COVID-19 future as Sri Lanka places food orders and the EU puts the country on its money-laundering blacklist.
The Myanmar government rolled out its COVID-19 relief plan and announced investment projects, interest rate cuts and tax breaks on medical supplies as some factories reopened.
The Myanmar government adopts measures to support factory workers, stabilize commodity prices and delay the lottery, and the World Bank will loan the country US$50 million.
Amid a rise in COVID-19 cases, the government suspended rice export permits and cut import fees; the ADB cut its growth forecast to 4.2 percent despite new investments.
Myanmar’s government has tried to help key sectors with loans that are badly hit by COVID-19 but the European Union and World Bank are warning of trouble ahead.
This week Myanmar’s authorities and food dealers moved to ensure staples arrived at reasonable prices amid the panic-buying that followed three COVID-19 confirmations.
It’s been a busy business week in Myanmar with the government looking to protect firms from COVID-19 and the textile sector taking drastic measures to import supplies.
The coronavirus has dominated business in Myanmar with interest rates falling, the Indian border closing and a special committee opening to address the economic impact.
Despite the lack of any coronavirus cases in Myanmar, the virus has hit factory supply chains, the dollar exchange markets and the export sector.
Myanmar got its own barcode, the Dawei Special Economic Zone may move ahead, Myanmar’s new online Project Bank went live and Kachin State approved a BRI project.
This week, Myanmar saw news of a South Korean oil project, a new link to India and rising foreign investment while the gem and garment sectors faced setbacks over coronavirus.
This week, Myanmar saw trade and tourism slow due to the coronavirus outbreak and faced criticism from European investors, but signed a major deal with a Thai developer.
This week, Myanmar saw major signs of foreign support for its IT, insurance and creative sectors, as well as power production, especially liquid natural gas.