"In a statement released on its website on Saturday, June 27, the IMF’s executive board said that it approved a disbursement of $118.8 million under the Rapid Credit Facility (RCF) and a purchase of $237.7 million under the Rapid Financing Instrument (RFI) for Myanmar. “This will help meet the urgent balance-of-payments and fiscal needs arising from the COVID-19 (coronavirus disease-2019) pandemic, support the government’s plans to boost spending especially on health and social safety nets,” the IMF said. Myanmar has so far recorded 293 confirmed cases, of which 215 have recovered while six others died. While the country was one of the countries in the Southeast Asian region with the lowest number of cases, its economy was severely affected by slow domestic demand that has disrupted households and businesses, including the agriculture sector which comprises a fifth of its economy and over half of employment. “Domestic demand has weakened as the necessary measures to control a domestic outbreak have affected economic activities. As revenues fall and expenditures rise, the fiscal deficit is increasing, putting pressure on funding and public debt,” the IMF said. “The external position is deteriorating due to the collapse in global demand for garments and gas, weak tourism and remittance inflows and lower foreign direct investment,” it added..."