• Burmese
Friday, July 18, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
30 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home News Burma

EU States Suspend US$100 M of Myanmar’s Debt Payments During COVID-19

The Irrawaddy by The Irrawaddy
July 2, 2020
in Burma
Reading Time: 2 mins read
0 0
A A
Myanmar State Counselor Daw Aung San Suu Kyi and EU Ambassador Kristian Schmidt pose for a photo after meeting in Naypyitaw in October 2017. / EU in Myanmar

Myanmar State Counselor Daw Aung San Suu Kyi and EU Ambassador Kristian Schmidt pose for a photo after meeting in Naypyitaw in October 2017. / EU in Myanmar

8.2k
VIEWS
Share on FacebookShare on Twitter

Six European Union states have deferred debt payments from Myanmar worth nearly US$100 million for the rest of this year to help the country’s efforts to focus on economic recovery from the COVID-19 pandemic.

On Wednesday, the ambassadors of the European Union, France, Germany, the Netherlands, Finland, Austria and Poland announced that the EU has agreed to Myanmar’s request to its bilateral creditors to defer payments totaling US$98 million (134.5 billion kyats), constituting 20 percent of Myanmar’s debt payments due during the May-December 2020 period.

The ambassadors said in their letter to U Soe Win, Union minister of planning, finance and industry, on Wednesday that “Myanmar is fully eligible for support under the debt moratorium (Debt Service Suspension Initiative).” The letter highlights the suspension is “in order to focus efforts on economic recovery from COVID-19.”

RelatedPosts

No Content Available

Myanmar’s economy has faced a significant slowdown due to COVID-19 since late January. The latest report from the World Bank said that country’s economic growth could drop from 6.8 percent to 0.5 percent this fiscal year due to COVID-19.

In late March, the government set up a 100-billion-kyat (US$71.3 million) COVID-19 fund for local businesses, particularly small and medium-sized enterprises and the garment, manufacturing and hotel-and-tourism sectors. The fund offers one-year loans at a 1 percent interest rate. The government’s COVID-19 Economic Relief Plan (CERP) also committed to increasing the size of the fund to 200-500 billion kyats, depending on the market response, by the end of 2020.

EU Ambassador Kristian Schmidt, who signed the letter together with the ambassadors from the six EU member states, said in a statement on Thursday that the move is part of “Team Europe’s” latest “coordinated global response to the COVID-19 crisis.”

The EU announcement is the first confirmed debt suspension for Myanmar under the G20 and Paris Club Debt Service Suspension Initiative agreement from in April. Myanmar is among the countries that has seen the most intense socioeconomic impacts from COVID-19. The G20 debt moratorium covers all countries receiving international development assistance and least-developed countries. Myanmar is one of 47 nations considered “least-developed countries” by the UN.

The ambassadors also called on all of Myanmar’s other sovereign creditors to show similar support.

Myanmar has a total foreign debt of nearly US$10 billion, almost half of which is owed to China, according to data from the auditor general from June.

In April, the EU also announced it would provide 5 million euros (US$5.6 million) as an emergency fund to support female workers in Myanmar’s garment sector who are impacted by COVID-19.

You may also like these stories:

Myanmar Tourism Sector Needs More Govt Support During COVID-19: New Survey

Military-Initiated Steel Project Costing Myanmar Govt $345,000 in Daily Loan Payments to China

Your Thoughts …
Tags: EU Myanmar relationsMyanmar debt and COVID-19Myanmar Europe debtMyanmar foreign debtMyanmar G20 debtMyanmar loan payment deferral
The Irrawaddy

The Irrawaddy

...

Similar Picks:

No Content Available
Load More
Next Post
Rescuers carrying the bodies of those buried alive by a landslide at a Hpakant jade mine in Kachin State on Thursday. / Myanmar Fire Services Department

Landslide Kills at Least 126 at Northern Myanmar Jade Mine

Saw David Lah during a court hearing in May. / Myo Min Soe / The Irrawaddy

Myanmar Pastor Charged with Breaching COVID-19 Rules with Religious Services

No Result
View All Result

Recommended

What the ‘Snake Charmer’ Analogy Gets Wrong About Myanmar

What the ‘Snake Charmer’ Analogy Gets Wrong About Myanmar

3 days ago
1.4k
Myanmar Junta’s Recapture of Nawnghkio Shows Strategic Missteps by TNLA

Myanmar Junta’s Recapture of Nawnghkio Shows Strategic Missteps by TNLA

1 day ago
1.2k

Most Read

  • Myanmar Junta’s Power Transfer Looms, but Real Control to Remain With Regime Boss

    Myanmar Junta’s Power Transfer Looms, but Real Control to Remain With Regime Boss

    shares
    Share 0 Tweet 0
  • Myanmar Junta’s Recapture of Nawnghkio Shows Strategic Missteps by TNLA

    shares
    Share 0 Tweet 0
  • Karen Fighters Push for Myanmar Junta Outpost on Thai Border

    shares
    Share 0 Tweet 0
  • Belarus Universities Teach Myanmar Junta How to Kill: JFM

    shares
    Share 0 Tweet 0
  • Indian Army Accused of Deadly Strike on Separatists in Myanmar

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.