Labor Intensive Industries have been hit hard the last couple of months with factory closures do to lower demand from buyers and also the lack of materials being an effect of China’s near closure for 2 months. Thousands have lost jobs in the garment industry and many more will lose jobs in the coming Months.
Myanmar government has given just $70 Million USD toward emergency loans which is a drop in the bucket compared to Myanmar’s $71 Billion USD GDP. Officials are looking for multilateral lender to help prop up the economy and minimize the long term damage of COVID-19.
The IMF is ready to deploy $1 Trillion USD while the World Bank will make available $160 Billion USD over the next 15 months. Myanmar has said it will look at all options and decide when it’s necessary to borrow money for economic relief.