Clarification on IMF RCF/RFI loans

11E sskm
State Administration Council Information Team Leader Maj-Gen Zaw Min Tun.

Q: The media outlets express that $372 million in pandemic relief funding from the International Monetary Fund (IMF) have gone missing in the term of State Administration Council. Please explain us about it.
A: The first thing I want to say is that we can see the news covering of media and words of IMF. These things are said without any inspection. In their news, what we see is that they expose the assistance to Myanmar. The first thing is the loan. It is RCF/RFI loan provided by IMF for COVID-19 pandemic. It is Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI). The loan was taken with the agreement with the financial policy of the Central Bank of Myanmar and the Ministry of Planning and Finance. We had to conduct for two times. The government carried out in line with the financial procedures. The first time was that we received $356million on 1-7-2020 at US dollar account of CBM and K490 billion equivalent to the received dollar amount was deposited in the State account of the Ministry of Planning and Finance on 2-7-2021. Now, the second time of the $372.391 million was received at the foreign currency account of CBM on 28-1-2021, and K495.50billion equivalent to the received dollar amount was deposited in the State account of the Ministry of Planning and Finance on 29-1-2021. They are the loans.
The RCF loan has a grace period of five years and a 10-year repayment term. The RFI loan has a grace period of three years and a 5-year repayment term. I mean they are the loans that we have to repay. According to the agreement between the CBM and the Ministry of Planning and Finance, the CBM carries out only for granting loan while the Ministry of Planning and Finance is for the usage of loan.
The Ministry of Planning and Finance released the report on the usage of above-mentioned RFI loan inspected by the Union Auditor-General Office at its website The people can get information at this website. The website featured the information on the procurement cost over K100 million for COVID-19 prevention and COVID-19 Economic Relief Plan (CERP) for four times, expenditure for COVID-19 protective gears for three times and other inspections on the expenses and procedures regarding the COVID-19 prevention, control and treatment activities of the governmental organizations. Then, we are working with the ministry concerned to release the fourth information.
They will release the information in detail during this month. There, they also announce the daily cash donation and remaining balance for COVID-19. Such information is also released weekly. They also expressed the remaining balance, received cash contribution and closed account balance from 25-10-201 and 29-10-2021 including the expenditures for medicines. They can be seen at the website. The inventory regarding with the procurement of COVID-19 protective gears are also expressed there.
In the final list, until 29-10-2021, it included the paid amount to Chinese Sinopharm company as the final repayment on 27-10-2021. What I want to say is that the government is working hard transparently with full of responsibilities.
The news is published without observing these issues, and the knowingly publishing without caring the situation and without asking the ministry concerned by the international countries are seemed to deliberately disrupting the COVID-19 treatment processes
We, the government already expressed the completed work plans and other measures regarding COVID-19. Tatmadaw actively participated in the COVID-19 prevention, control and treatment activities before it took over the state responsibilities. Then, the military members-individually and military officials donated in the COVID-19 fund. They donated from their salaries for many times. Therefore, what I want to say is that the people and media can study regarding the news in detail at the website of ministry concerned. If they conduct something after studying, it can make more benefits.
Regarding COVID-19 pandemic, our country reported more than 40 per cent of positive cases in July. The officials talk about it now. Currently, it reaches below 4 per cent. We can see the effective government performance and public participation in COVID-19 prevention, control and treatment activities. Therefore, I want to urge the public to actively participate in these processes as before. Thank you. —MNA

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