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Myanmar’s COVID-19 Economic Relief Plan

In an effort to meet the current exigencies faced by Myanmar as a result of the COVID-19 pandemic, the Myanmar Government had, on 27 April 2020, launched the COVID-19 Economic Relief Plan (CERP). The CERP comprises of seven goals, 10 strategies, 36 action plans and 76 actions, each with an estimated timeline and designated authority in charge, covering a range of fiscal and social measures.

The CERP is a timely intervention by the Myanmar Government to cushion the financial, social and economic impact of the COVID-19 pandemic. Several of the measures have already been implemented and has gradually aided the management of the crisis. It has received a positive response from the public as it benefits both businesses and individuals. The CERP will see the government increasing its spending to the extent necessary to support the Myanmar economy and its people. The measures are targeted at both large and small enterprises as well as the at-risk population who are undoubtedly feeling the adverse impact of the pandemic harder.

Bake McKenzie expects the relevant regulators to issue further policies and guidelines to provide clarity on the initiatives announced in the CERP. Businesses should monitor this space for further developments.

Click ‘read more’ below to find out about the goals of the CERP and Baker McKenzie’s recommended action.

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