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International Monetary Fund. Asia and Pacific Dept
With the economy already slowing due to the COVID-19 pandemic in FY2019/20, a more intense second wave has hit Myanmar hard, inflicting large economic and social costs and straining the frail healthcare system. The needed strict lockdown measures have hurt manufacturing and spending further, while weak external demand has weighed on exports and tourism, though the kyat continued to appreciate as remittances remained robust. In FY2020/21, growth will decelerate further to 0.5 percent and open up external and fiscal financing gaps of about US$1 billion. The IMF’s RCF/RFI disbursement of 50 percent of quota (SDR 258.4 million) in June helped support the authorities’ policy response for FY2019/20, particularly for social and health spending, kept monetary financing within target, and catalyzed financing from external partners, including through the Debt Service Suspension Initiative (DSSI).
International Monetary Fund. Western Hemisphere Dept.

effective and agile tool to deal with the pandemic and its humanitarian effects. The other half of the RCF-RFI disbursement would be channeled as direct budget support to accommodate other crisis-related expenditures. 10. As fleshed out in the Letter of Intent (LOI), our Nicaraguan authorities are committed to safeguarding the country’s macroeconomic stability, rebuilding buffers, and strengthening resilience as the pandemic crisis subsides . They have also prepared a contingency plan to secure adequate resources to protect priority spending in case of a pandemic

International Monetary Fund. Western Hemisphere Dept.
Nicaragua faces an acute crisis as the COVID-19 shock comes on top of a two- year recession. So far, the speed of transmission of the pandemic in Nicaragua, in terms of officially confirmed cases, has been slower than in neighboring countries, but this may understate the true spread of the disease. The pandemic is expected to produce the third year of consecutive recession and lead to large fiscal and external financing needs given the impact of voluntary distancing and regional and global spillovers. The very limited fiscal space, eroded by the ongoing recession and the limited external financing, constrains the authorities’ ability to self-finance the emergency response.
International Monetary Fund. Western Hemisphere Dept.

information on all COVID-19 related contracts signed since June 2020. The authorities, in consultation with IMF staff, have formulated the terms of reference for the hiring of an independent external auditor for all COVID-19 related expenditures (prior action). The audit will be conducted within a year of approval of the RCF/RFI disbursement and will also cover funds channeled through third parties. For transparency purposes, the authorities will publish the audit results within two weeks of its finalization. This action will contribute to the efficiency of spending and

International Monetary Fund. Western Hemisphere Dept.
International Monetary Fund. Western Hemisphere Dept.

Requests for Purchase under the Rapid Financing Instrument and Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Nicaragua

International Monetary Fund. Asia and Pacific Dept

use the RCF/RFI disbursement to provide balance of payment support. Staff assesses that Solomon Islands is faced with an urgent balance of payments need, meets other eligibility requirements for RCF/RFI and supports the request. Public debt is at moderate risk of distress and there is adequate capacity to repay the Fund. The IMF disbursement is expected to play a catalytic role in securing additional financing from development partners. Macroeconomic policies . In addition to containment measures to limit the risk of a local outbreak and increasing health spending

International Monetary Fund. Asia and Pacific Dept

put further pressure on the health system and the economy resulting in additional financing needs. The Myanmar authorities have therefore requested a second RCF/RFI disbursement to help close the FY 2020/21 financing gap and further catalyze external financing, thereby contributing to mitigate the impact of the virus while setting the groundwork for a resilient recovery. Adverse Effects of COVID-19 and disruptions to the economy Following the moderation of the infection rate under the initial outbreak of COVID-19 in early March, Myanmar has been hit by a more

International Monetary Fund. Asia and Pacific Dept

system. The needed strict lockdown measures have hurt manufacturing and spending further, while weak external demand has weighed on exports and tourism, though the kyat continued to appreciate as remittances remained robust. In FY2020/21, growth will decelerate further to 0.5 percent and open up external and fiscal financing gaps of about US$1 billion. The IMF’s RCF/RFI disbursement of 50 percent of quota (SDR 258.4 million) in June helped support the authorities’ policy response for FY2019/20, particularly for social and health spending, kept monetary financing within

International Monetary Fund. Asia and Pacific Dept

.55 Charges/Interest 3.84 3.77 2.33 0.50 0.03 Total 122.69 184.08 225.81 143.73 35.58 2 When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section. Article IV Consultation The previous Article IV consultation was concluded on September 9, 2019 (IMF Country Report No. 19/299). Safeguards Assessment A virtual safeguard assessment mission was conducted in October 2021 in connection with the 2020 RCF/RFI disbursements . The 2021 update