[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109736-en":3,"doc-seo-109736-105":31,"detail-sidebar-cat-0-en-105":93},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109736,1099514067438,"River Wang","https://ap-avatar.wpscdn.com/avatar/100002539ee87300030?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780474512215547542",8,"Research & Report","Myanmar - Joint World Bank-IMF Debt Sustainability Analysis - January 2021","Myanmar’s risks of external debt distress and overall debt distress remain assessed as low, supported by adequate capacity to repay the Fund. The second wave of COVID-19 has caused major economic and social costs and has strained an already fragile healthcare system. Lockdowns are weakening manufacturing and domestic spending, while weak external demand continues to weigh on exports and tourism, widening the fiscal deficit. Authorities are seeking additional IMF budget support and managing debt service under the DSSI, while strengthening debt management and governance is emphasized.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nMYANMAR  \nJoint World Bank-IMF Debt Sustainability Analysis1  \nJanuary 2021  \nPrepared jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF) Approved by Marcello Estevão (IDA), Kenneth H. Kang and Bjoern Rother (IMF)  \n\n| Myanmar: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress: | Low |\n| Overall risk of debt distress: | Low |\n| Granularity in the risk rating: | Not applicable |\n| Application of judgement: | No |\n\nMyanmar’s risks of external debt and overall debt distress continue to be assessed as low, and there is adequate capacity to repay the Fund. An intense second wave of the COVID-19 pandemic has hit Myanmar hard, inflicting large economic and social costs while straining the already frail healthcare system. Strict lockdown measures are hurting manufacturing and domestic spending, while weak external demand continues to weigh on exports and tourism. Continued strains on revenues and higher spending will widen the fiscal deficit in FY 2020/21, requiring additional financing. The authorities have requested a second disbursement from the IMF (US$356.5 million-50 percent of quota), to be used as budget support in FY 2020/21, for urgent balance of payments needs. They are beginning to benefit from debt service suspension under the DSSI. The authorities should limit central bank financing of the fiscal deficit and gradually phase it out thereafter. Carefully tracking spending execution to ensure that additional loan financed COVID-19 related spending is smoothing the impact on firms and households will be important. The current economic conditions highlight the need for contingency planning in case a more prolonged global outbreak of COVID-19 results in more adverse macro-financial outcomes. Debt management capacity needs strengthening, and the authorities should remain vigilant about borrowing that leads to a rapid debt buildup. Strengthening the business environment and governance, including in the natural resource sector, would raise the investment outlook and potential growth.  \n1 The DSA follows the IMF-World Bank Staff Guidance Note on the Application of the Joint Fund-Bank Debt Sustainability Framework (DSF) for Low-Income Countries (LICs) (February 2018) . Myanmar’s debt-carrying capacity remains medium as its Composite Indicator is 2.73, which is based on the October 2020 WEO and the 2019 CPIA released in July 2020.  \nPUBLIC DEBT COVERAGE  \n1. The coverage of public sector debt used in the DSA is fully consolidated public sector debt, government-guaranteed debt and social security funds. SOE debt is on lent and is therefore included in the coverage of public external debt. SOEs cannot borrow from external creditors by law, so in practice there is no non-guaranteed SOE debt.2 The coverage of debt is unchanged from the previous DSA published as part of the 2019 Article IV consultation.  \n2. Contingent liabilities from PPPs and shocks to the financial sector have been included in the analysis. Off-balance sheet liabilities related to PPPs and PPAs are approximately 3.2 percent of GDP. Using the standard methodology under the IMF/WB LIC DSA framework translates this to a shock of 1.09 percent of GDP as part of the contingent liabilities.3 The extension of the phase-in period for compliance with the 2017 prudential regulations could postpone banking sector restructuring and raise potential public recapitalization costs while potentially limiting access to finance. The standard shock covering 5 percent of GDP has been added to the analysis to account for potential recapitalization needs.  \nMyanmar: Coverage of Contingent Liabilities  \n\n| 1 | The central, state, and local governments plus social security, central bank, government- |  |  |\n| --- | --- | --- | --- |\n|  | The country's cove","cbCaih99otwwXrAD","https://ap.wps.com/l/cbCaih99otwwXrAD","pdf",731940,5,1,18,"English","en",105,"# Executive Summary\n## Debt distress risk assessment\n## COVID-19 impacts and financing needs\n## Policy guidance and risks","[{\"question\":\"How are Myanmar’s risks of external and overall debt distress assessed?\",\"answer\":\"Both risks are assessed as low, with adequate capacity to repay the Fund.\"},{\"question\":\"What factors have contributed to Myanmar’s worsening fiscal situation in FY 2020/21?\",\"answer\":\"Strained revenues and higher spending, intensified by COVID-19, are expected to widen the fiscal deficit, requiring additional financing.\"},{\"question\":\"What support is the IMF requested to provide, and how is it expected to be used?\",\"answer\":\"Myanmar has requested a second IMF disbursement for budget support in FY 2020/21 to meet urgent balance of payments needs.\"}]","Myanmar - Joint World Bank-IMF Debt Sustainability Analysis - January 2021 | PDF",1784482139,45,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":88,"head_meta":90,"extra_data":92,"updated_unix":29},"myanmar-joint-world-bank-imf-debt-sustainability-analysis-january-2021","",{"@graph":37,"@context":87},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/myanmar-joint-world-bank-imf-debt-sustainability-analysis-january-2021/109736/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"How are Myanmar’s risks of external and overall debt distress assessed?","Question",{"text":77,"@type":78},"Both risks are assessed as low, with adequate capacity to repay the Fund.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"What factors have contributed to Myanmar’s worsening fiscal situation in FY 2020/21?",{"text":82,"@type":78},"Strained revenues and higher spending, intensified by COVID-19, are expected to widen the fiscal deficit, requiring additional financing.",{"name":84,"@type":75,"acceptedAnswer":85},"What support is the IMF requested to provide, and how is it expected to be used?",{"text":86,"@type":78},"Myanmar has requested a second IMF disbursement for budget support in FY 2020/21 to meet urgent balance of payments needs.","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":20,"slug":139},19,"General","general"]