IMF approves $356.5 million in emergency funding to Myanmar amid coronavirus pandemic

Washington: The International Monetary Fund said it will provide Myanmar with $356.5 million in emergency funding, as the southeast Asian country battles an economic slump due to the coronavirus pandemic.

"The Myanmar economy is being impacted by the outbreak of COVID-19 through a sharp decline in tourism and remittances and supply chain disruptions," Mitsuhiro Furusawa, IMF deputy managing director, said in a statement.

The fund "will help address Myanmar's urgent financing needs related to COVID-19 shock, and catalyze support from development partners."