Abstract
2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Myanmar
Fund Relations
(As of December 31, 2019)
Membership Status: Joined on January 3, 1952; Article XIV.
General Resources Account:
| SDR Million | Percent Quota | |
|---|---|---|
| Quota | 516.8 | 100 |
| Fund holdings of currency (Exchange Rate) | 516.8 | 100 |
| Reserve Tranche Position | 0 | 0 |
| SDR Million | Percent Quota | |
|---|---|---|
| Quota | 516.8 | 100 |
| Fund holdings of currency (Exchange Rate) | 516.8 | 100 |
| Reserve Tranche Position | 0 | 0 |
SDR Department:
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 245.76 | 100 |
| Holdings | 0.24 | 0.10 |
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 245.76 | 100 |
| Holdings | 0.24 | 0.10 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Jun 12, 1981 | Jun 11, 1982 | 27.00 | 27.00 |
| Stand-By | Jul 28, 1978 | Jul 27, 1979 | 30.00 | 30.00 |
| Stand-By | May 06, 1977 | May 05, 1978 | 35.00 | 35.00 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Jun 12, 1981 | Jun 11, 1982 | 27.00 | 27.00 |
| Stand-By | Jul 28, 1978 | Jul 27, 1979 | 30.00 | 30.00 |
| Stand-By | May 06, 1977 | May 05, 1978 | 35.00 | 35.00 |
Overdue Obligation and Projected Payments to the Fund1 (SDR Million; based on existing use of resources and present holdings of SDRs):
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | |
| Principal Charges/Interest | 1.84 | 1.82 | 1.82 | 1.82 | 1.82 |
| Total | 1.84 | 1.82 | 1.82 | 1.82 | 1.82 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | |
| Principal Charges/Interest | 1.84 | 1.82 | 1.82 | 1.82 | 1.82 |
| Total | 1.84 | 1.82 | 1.82 | 1.82 | 1.82 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Implementation of HIPC Initiative: Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
Exchange Rate Arrangement
The de jure exchange rate arrangement is classified as managed float, and the de facto exchange rate regime is classified as other managed, effective April 20, 2018. In 2018, the CBM made progress in allowing market forces to play a bigger role in determining the exchange rate. The FX reference rate largely followed a formula consisting of a weighted average of FX interbank and bank-customer market rates, with occasional small deviations. The CBM also abolished the trading band (reference rate +/- 0.8 percent) in August 2018. The CBM issued on February 4, 2019, a formal regulation announcing the transaction-based exchange rate, as the new reference rate. The CBM reserves the right to intervene to moderate excessive exchange rate volatility in the foreign exchange market.
Myanmar continues to avail itself of transitional arrangements under Article XIV, although it has eliminated all Article XIV restrictions. Myanmar has made significant progress toward satisfying Article VIII obligations, most recently by implementing a new auction mechanism and clear internal guidelines that remove the MCP which arose from the previous multi-price foreign currency auction. Myanmar does not engage in multiple currency practices or maintain exchange restrictions on payments and transfers for current international transactions, except for restrictions imposed solely for reasons of international or national security that have been notified to the Fund pursuant to Decision No. 144.
Article IV Consultation
Myanmar is on the standard 12-month Article IV consultation cycle. The last Article IV consultation discussions were conducted on December 5–19, 2019 in Yangon and Nay Pyi Taw. The Executive Board concluded the 2019 Article IV consultation on Feb 28, 2020.
Technical Assistance
Myanmar is one of the largest recipients of IMF technical assistance (TA). Delivery is through a mix of resident advisors; regional advisors based in the IMF Capacity Development Office in Thailand (CDOT) and short-term HQ and expert missions. The key areas of focus are:
Central Banking: a resident foreign exchange advisor, a resident advisor on accounting and internal audit and a monetary operations advisor based in CDOT provided hands-on training and frequent responsive advice, supported by HQ missions. In addition, i the CBM is now being assisted by a resident financial management advisor to strengthen the CBM’s accounting framework and systems.
Financial Sector Supervision: work in this area is led by a resident advisor in Yangon supported by HQ and expert missions. AML/CFT TA is delivered by HQ staff and short-term expert.
Revenue Reform: a resident tax administration advisor is supported by HQ and expert missions aimed at modernizing the Internal Revenue Department (IRD), including to support the preparation of a Medium-Term Revenue Strategy. A resident custom advisor supports the Myanmar Customs Department (MCD) on compliance measurement, management control, risk Management and the development of MCD audit and anti-smuggling strategies. Work on tax policy is delivered through HQ missions, and include the preparation of the new income tax law (LEG) and modernization of the tax regime for extractive industries.
Public Financial Management: the focus is on capacity development of the Treasury Department, following its establishment in September 2014, which was led by PFM advisors (two) based in CDOT and supported by HQ and expert missions. Work on public investment management, budgeting and fiscal risks from PPPs is delivered through HQ missions.
Statistics: the work plan in this area has been developed following a multi-sector diagnostic mission in 2013. As a result, external sector and government finance statistics advisors (two) have taken up duties in CDOT and expert visits continue to assist in the development of price statistics. A rebased CPI was released in August 2016. Assistance in developing GDP statistics was provided during 2019.
Macroeconomic Management: an advisor based in CDOT leads the work on developing a macroeconomic framework and other analytical tools and providing customized macroeconomic courses and workshops, which is closely integrated with the broader IMF training program.
In all areas, the IMF coordinates closely with other development partners. In the financial sector, the IMF team has assisted the Central Bank of Myanmar in developing a framework for coordination of international technical assistance.
Resident Representative
Mr. Neil Saker has been the Resident Representative of the country and stations in Yangon, since September 2019.
IMF Capacity Development Office in Thailand (CDOT)
Mr. David Cowen, Director, has headed the office since September 2015. CDOT (formerly TAOLAM) provides technical assistance and training in macroeconomic management and statistics, supported by resources from the Government of Japan and the Bank of Thailand. Currently, seven TA advisors are based in the office, covering public financial management (PFM), monetary and foreign exchange operations, macroeconomic management, government financial statistics, and external sector statistics for Myanmar, as well as Cambodia, Lao P.D.R., and Vietnam under most of CDOT’s capacity development projects.
Myanmar: Key Technical Assistance by the Fund During 2019
Myanmar: Key Technical Assistance by the Fund During 2019
| Department | Topic | Period |
|---|---|---|
| CDOT | Monetary Operations | Jan 16 – 18 |
| CDOT | ESS follow-up (Trade in Services, Administrative Data) | Jan 22 – 24 |
| STA | e-GDDS | Jan 23 – 29 |
| CDOT | Monetary Operations | Jan 22 – 25 |
| CDOT | Treasury Operations (Debt Accounting & Reporting) | Jan 28 – Feb 1 |
| CDOT | PFM/Treasury Operations (Financial Reporting, COA) | Feb 4 – 8 |
| FAD | MCD: Training Manual and Promotion Policy | Feb 11 – 22 |
| CDOT/STA | GFS follow-up | Feb 11 – 15 |
| CDOT | Macroeconomic Core Group | Feb 20 – 21 |
| CDOT/STA | ESS FDI survey for DICA mainly on energy sector | Feb 20 – 22 |
| FAD | IRD: Compliance Risk Management and Intelligence | Feb 25 – Mar 15 |
| CDOT | Monetary Operations | Feb 26 – Mar 1 |
| CDOT | ESS follow up (Trade in Services and Border Trade) | Mar 4 – 7 |
| CDOT | PFM/Treasury Operations (Automation/COA) | Mar 5 – 8 |
| MCM | Monetary TA assessment and Road Map | Mar 6 – 13 |
| FAD | IRD: Brief Assessment | Mar 18 – 21 |
| FAD | Fiscal Regime on Extractive Industry | Mar 20 – 29 |
| FAD | MCD: Quick Review (Law Enforcement) | Mar 25 – 26 |
| MCM/LEG | COFTAM | Mar 25 – 26 |
| ICD | JSA TA needs discussion/ COFTAM | Mar 25 – 26 |
| MCM | Bank S/V and Regulation | Mar 25 – Apr 4 |
| CDOT | Monetary Operations | Mar 28 – 29 |
| CDOT | Macroeconomic Core Group meeting | Apr 3 – 5 |
| CDOT/STA | ESS (FDI Survey for DICA) | Apr 10 – 12 |
| CDOT | Monetary Operation | Apr 25 – 26 |
| MCM | TA on Contingency Planning | Mar 31 – Apr 10 |
| FAD | IRD: Communications and change management | May 6 – 17 |
| CDOT/STI | Financial Programing and Policy course (FPP) | May 6 – 17 |
| FAD | MCD: Training Policy & Manual | May 12 – 24 |
| CDOT | PFM for treasury issues | May 13 – 17 |
| CDOT/FAD | PFM/Treasury Operations: (FIRST follow up) | May 14 – 31 |
| CDOT | Monetary Operations | May 22 – 24 |
| CDOT | GFS follow up | May 27 – 29 |
| CDOT | Monetary Operations | May 28 – 31 |
| FAD | IRD: Centralized Taxpayer Services | May 13 – Jun 4 |
| FAD | IRD: Risk Management & Compliance Strategy | May 20 – Jun 7 |
| FAD | IRD: Annual Review mission | May 21 – Jun 4 |
| CDOT | ESS ((Trade in Goods and Services)) | June 3 – 5 |
| CDOT | Macroeconomic Core Group meeting | June 19 – 21 |
| APD | Staff Visit | June 20 – 27 |
| CDOT | Monetary Operations | June 20 – 21 |
| CDOT | DSA Workshop | June 24 – 26 |
| CDOT | Monetary Operations | June 25 – 28 |
| CDOT/STA | ESS (FDI Survey for DICA) | July 1 – 5 |
| FAD | MCD: Annual Review mission | July 2 – 15 |
| CDOT | PFM/Treasury Management | July 9 – 23 |
| CDOT | Monetary Operations | July 11 – 12 |
| CDOT | ESS (Reporting and Use of FET Data from Banks) | July 22 – 24 |
| CDOT | “FIRST” Support Mission | Jul 17 – Aug 14 |
| CDOT | GFS follow-up | Aug 12–15 |
| CDOT | Budget Restructuring and Analysis Tools Workshop | Aug 15 |
| LEG | Tax Policy and Administration Strengthening | Aug 13- 16 |
| CDOT | ESS (FDI survey for DICA) | Aug 19 – 23 |
| CDOT | Monetary Operations | August 22 – 23 |
| FAD | Tax Policy and Administration Strengthening – RMTF | Aug 26–30 |
| CDOT | Monetary Operations | August 29 – 30 |
| CDOT | ESS (FET data validation techniques) | Sep 4 – 6 |
| CDOT | ESS (FET Workshop) | Sep 7 |
| CDOT | ESS (Coverage Adjustments and Tourism Survey) | Sep 8 – 11 |
| MCM/LEG | AML/C FT | Sep 9 -18 |
| FAD | Tax administration visit | Sep 9 – 27 |
| CDOT/FAD | PFM/Treasury Operations (COA) | Sep 10–24 |
| FAD | Tax Policy Mission | Sep 16–27 |
| MCM | Implementation of IFRS and modernizing Internal Auditing | Sep 18 – Oct 1 |
| STA | Monetary Operations | Sep 26 – 27 |
| STA | Quarterly National Accounts Statistics and Measuring Natural Resources in National Accounts | Sep 30-Oct 11 |
| CDOT | GFS and Public Sector Debt Statistics (PSDS) | Oct 7 – 11 |
| CDOT | Monetary operations | Oct 8 – 9 |
| FAD | JSA9 Regional Workshop on customs administrations | Oct 8–10 |
| MCM | Risk-based supervision manual | Oct 16 – 29 |
| FAD | Centralized Taxpayer Services function | Oct 21 – Nov 8 |
| CDOT | PFM Treasury Operations and UCOA | Oct 22 – 25 |
| CDOT | Macroeconomic Core Group on the macroeconomic framework | Oct 22–24 |
| CDOT | ESS (Data Sources and Compilation Framework) | Oct 28 – Nov 1 |
| FAD | SAS expansion plan | Oct 28 – Nov 8 |
| CDOT/STI/MCM | Workshop on Monetary and Exchange Rate Operations and Policy | Oct 30 – Nov 1 |
| FAD | Integrity Action Plan and the MCD Discipline and Grievance processes. | Nov 4 – 15 |
| CDOT | Monetary Operations | Nov 13 – 15 |
| STA | CPI rebasing | Nov 18 – 29 |
| FAD | MCD Risk Management Strategy. | Nov 25 – 29 |
| CDOT | Monetary Operations | Nov 28 – Dec 6 |
| CDOT | GFS and PSDS follow up | Dec 2 – 5 |
| CDOT | ESS (Compilation of travel credits and other issues) | Dec 5 – 13 |
| CDOT | PFM Treasury Operations and Unified COA and IA Manual | Dec 16 -24 |
| CDOT | PFM (ICT for the FIRST) | Dec 16 – 17 |
| CDOT | Monetary Operations | Dec 17 – 20 |
Myanmar: Key Technical Assistance by the Fund During 2019
| Department | Topic | Period |
|---|---|---|
| CDOT | Monetary Operations | Jan 16 – 18 |
| CDOT | ESS follow-up (Trade in Services, Administrative Data) | Jan 22 – 24 |
| STA | e-GDDS | Jan 23 – 29 |
| CDOT | Monetary Operations | Jan 22 – 25 |
| CDOT | Treasury Operations (Debt Accounting & Reporting) | Jan 28 – Feb 1 |
| CDOT | PFM/Treasury Operations (Financial Reporting, COA) | Feb 4 – 8 |
| FAD | MCD: Training Manual and Promotion Policy | Feb 11 – 22 |
| CDOT/STA | GFS follow-up | Feb 11 – 15 |
| CDOT | Macroeconomic Core Group | Feb 20 – 21 |
| CDOT/STA | ESS FDI survey for DICA mainly on energy sector | Feb 20 – 22 |
| FAD | IRD: Compliance Risk Management and Intelligence | Feb 25 – Mar 15 |
| CDOT | Monetary Operations | Feb 26 – Mar 1 |
| CDOT | ESS follow up (Trade in Services and Border Trade) | Mar 4 – 7 |
| CDOT | PFM/Treasury Operations (Automation/COA) | Mar 5 – 8 |
| MCM | Monetary TA assessment and Road Map | Mar 6 – 13 |
| FAD | IRD: Brief Assessment | Mar 18 – 21 |
| FAD | Fiscal Regime on Extractive Industry | Mar 20 – 29 |
| FAD | MCD: Quick Review (Law Enforcement) | Mar 25 – 26 |
| MCM/LEG | COFTAM | Mar 25 – 26 |
| ICD | JSA TA needs discussion/ COFTAM | Mar 25 – 26 |
| MCM | Bank S/V and Regulation | Mar 25 – Apr 4 |
| CDOT | Monetary Operations | Mar 28 – 29 |
| CDOT | Macroeconomic Core Group meeting | Apr 3 – 5 |
| CDOT/STA | ESS (FDI Survey for DICA) | Apr 10 – 12 |
| CDOT | Monetary Operation | Apr 25 – 26 |
| MCM | TA on Contingency Planning | Mar 31 – Apr 10 |
| FAD | IRD: Communications and change management | May 6 – 17 |
| CDOT/STI | Financial Programing and Policy course (FPP) | May 6 – 17 |
| FAD | MCD: Training Policy & Manual | May 12 – 24 |
| CDOT | PFM for treasury issues | May 13 – 17 |
| CDOT/FAD | PFM/Treasury Operations: (FIRST follow up) | May 14 – 31 |
| CDOT | Monetary Operations | May 22 – 24 |
| CDOT | GFS follow up | May 27 – 29 |
| CDOT | Monetary Operations | May 28 – 31 |
| FAD | IRD: Centralized Taxpayer Services | May 13 – Jun 4 |
| FAD | IRD: Risk Management & Compliance Strategy | May 20 – Jun 7 |
| FAD | IRD: Annual Review mission | May 21 – Jun 4 |
| CDOT | ESS ((Trade in Goods and Services)) | June 3 – 5 |
| CDOT | Macroeconomic Core Group meeting | June 19 – 21 |
| APD | Staff Visit | June 20 – 27 |
| CDOT | Monetary Operations | June 20 – 21 |
| CDOT | DSA Workshop | June 24 – 26 |
| CDOT | Monetary Operations | June 25 – 28 |
| CDOT/STA | ESS (FDI Survey for DICA) | July 1 – 5 |
| FAD | MCD: Annual Review mission | July 2 – 15 |
| CDOT | PFM/Treasury Management | July 9 – 23 |
| CDOT | Monetary Operations | July 11 – 12 |
| CDOT | ESS (Reporting and Use of FET Data from Banks) | July 22 – 24 |
| CDOT | “FIRST” Support Mission | Jul 17 – Aug 14 |
| CDOT | GFS follow-up | Aug 12–15 |
| CDOT | Budget Restructuring and Analysis Tools Workshop | Aug 15 |
| LEG | Tax Policy and Administration Strengthening | Aug 13- 16 |
| CDOT | ESS (FDI survey for DICA) | Aug 19 – 23 |
| CDOT | Monetary Operations | August 22 – 23 |
| FAD | Tax Policy and Administration Strengthening – RMTF | Aug 26–30 |
| CDOT | Monetary Operations | August 29 – 30 |
| CDOT | ESS (FET data validation techniques) | Sep 4 – 6 |
| CDOT | ESS (FET Workshop) | Sep 7 |
| CDOT | ESS (Coverage Adjustments and Tourism Survey) | Sep 8 – 11 |
| MCM/LEG | AML/C FT | Sep 9 -18 |
| FAD | Tax administration visit | Sep 9 – 27 |
| CDOT/FAD | PFM/Treasury Operations (COA) | Sep 10–24 |
| FAD | Tax Policy Mission | Sep 16–27 |
| MCM | Implementation of IFRS and modernizing Internal Auditing | Sep 18 – Oct 1 |
| STA | Monetary Operations | Sep 26 – 27 |
| STA | Quarterly National Accounts Statistics and Measuring Natural Resources in National Accounts | Sep 30-Oct 11 |
| CDOT | GFS and Public Sector Debt Statistics (PSDS) | Oct 7 – 11 |
| CDOT | Monetary operations | Oct 8 – 9 |
| FAD | JSA9 Regional Workshop on customs administrations | Oct 8–10 |
| MCM | Risk-based supervision manual | Oct 16 – 29 |
| FAD | Centralized Taxpayer Services function | Oct 21 – Nov 8 |
| CDOT | PFM Treasury Operations and UCOA | Oct 22 – 25 |
| CDOT | Macroeconomic Core Group on the macroeconomic framework | Oct 22–24 |
| CDOT | ESS (Data Sources and Compilation Framework) | Oct 28 – Nov 1 |
| FAD | SAS expansion plan | Oct 28 – Nov 8 |
| CDOT/STI/MCM | Workshop on Monetary and Exchange Rate Operations and Policy | Oct 30 – Nov 1 |
| FAD | Integrity Action Plan and the MCD Discipline and Grievance processes. | Nov 4 – 15 |
| CDOT | Monetary Operations | Nov 13 – 15 |
| STA | CPI rebasing | Nov 18 – 29 |
| FAD | MCD Risk Management Strategy. | Nov 25 – 29 |
| CDOT | Monetary Operations | Nov 28 – Dec 6 |
| CDOT | GFS and PSDS follow up | Dec 2 – 5 |
| CDOT | ESS (Compilation of travel credits and other issues) | Dec 5 – 13 |
| CDOT | PFM Treasury Operations and Unified COA and IA Manual | Dec 16 -24 |
| CDOT | PFM (ICT for the FIRST) | Dec 16 – 17 |
| CDOT | Monetary Operations | Dec 17 – 20 |
Relations with Other International Financial Institutions
World Bank: http://www.worldbank.org/en/country/myanmar
Asian Development Bank: https://www.adb.org/countries/myanmar/main
Main Websites of Data
Central Bank of Myanmar (https://www.cbm.gov.mm)
Government Securities
Deposit Auction
Central Statistical Organization (www.csostat.gov.mm)
Consumer Price Index
Myanmar Statistical Information Service (www.mmsis.gov.mm)
National accounts
Population census
Labor and employment
Socioeconomic survey
Household income and expenditure survey
Ministry of Commerce (https://www.commerce.gov.mm)
Foreign trade
Directorate of Investment and Company Administration (https://www.dica.gov.mm/en)
Investment
Statistical Issues
As of December 31, 2019
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. Data are not provided in a timely manner, and official and independent estimates of key macroeconomic variables differ widely. | |
| National Accounts: Myanmar’s national accounts follow the 1968 System of National Accounts. National accounts data are only available on an annual basis up to FY 2017/2018. Compilation of quarterly data commences in FY 2018/19 at new base-year, 2015/2016, price. Gross Domestic Product (GDP) estimates are compiled at current and constant prices by production and expenditure approaches. Significant discrepancies exist between the two approaches. GDP is estimated at producer prices, instead of the internationally recommended market prices. The quality of the GDP measures is hampered by inadequate source data and the lack of relevant price indexes, such as the producer price index. National accounts estimate do not completely account for informal sector activity. Estimates of some economic activities, particularly in agriculture, construction, and public administration, need major improvement. Resource constraints at the Planning Department and the Central Statistical Organization, along with the lack of interagency coordination and a clear delineation of responsibilities, limit the conduct of surveys and other data collection. Technical assistance (TA) is being provided by the Asian Development Bank (AsDB) to improve the national accounts through the compilation of supply and use tables and to implement the 2008 SNA. The IMF has provided TA on quarterly national account statistics and measures of non-renewable natural resources in national accounts and plans to provide follow-up TA. | |
| Price Statistics: The IMF Statistics Department (STA) has provided TA to develop a new Producer Price Index (PPI) in 2018, but these data re not yet released. The assistance included the PPI questionnaire, pilot data collection, index calculation sheets and other needs of the development work. A new Household Income and Expenditure Survey was conducted in 2017. Results from this survey will be used to update the CPI basket and weights in 2020. | |
| Government Finance Statistics: There is no comprehensive monthly or quarterly compilation of fiscal data. Monthly cash-based budget execution data are available in local language but are not published. Annual comprehensive data with a public sector coverage are being compiled in the GFSM format, but financing data are incomplete, and some transactions of state economic enterprises are recorded partly on an accrual and partly on a cash basis. Fiscal and monetary data are not consistent. In addition, recording of debt statistics is not comprehensive. Myanmar is participating in a two-year STA program funded by the government of Japan designed to improve government finance statistics in the Asia and Pacific Region with a GFS advisor based in CDOT. Regular TA visits to the country are undertaken by the GFS Advisor. In late 2017, the authorities established a fiscal reporting team who compiled annual GFS data with a wide coverage of the public sector for a 6-year period and reported these data to the Fund; and in 2018 have disseminated these data domestically on the Ministry of Finance website. | |
| Monetary and Financial Statistics: The monetary survey compiled by the Central Bank of Myanmar (CBM) covers the central bank and all commercial banks (public and private), including foreign bank branches that commenced their operations in 2015. Reporting of monetary data in the Standardized Report Forms, which accord with the Monetary and Financial Statistics Manual classification principles, was established in January 2012. Nine finance companies and a multiple of deposit taking microfinance institutions have been established in 2013–14, but they are not included in the monetary statistics. The quality of monetary statistics could be further improved by: (i) expanding the coverage of institutions; (ii) monitoring the consistency of the reciprocal/interbank accounts that show positions between the CBM and the commercial banks; and initiating data review and resolution of large inconsistencies; (iii) using electronic means to capture and share data to minimize mistakes; and (iv) in due course, adopting market or fair value-based valuation of financial instruments. | |
| Financial sector surveillance: The authorities submitted quarterly financial soundness indicators (FSI) to STA for dissemination in March 2017, with data back to beginning of 2016. FSIs are critical for effective surveillance of the financial sector. The CBM is currently implementing regulatory prudential measures, which will improve the FSI data quality. The CBM reports nine core and four encouraged FSIs for deposit takers for posting on the IMF’s FSI website with a lag of more than one quarter. However, the reporting of one core and three encouraged FSIs was discontinued since the third quarter of 2016. CBM reports data on several series and indicators to the Financial Access Survey (FAS), including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| External sector statistics (ESS): The balance of payments and international investment position (IIP) are compiled on the basis of the IMF Balance of Payments and International Investment Position Manual (BPM6), sixth edition, since 2016 and quarterly figures are reported to STA. Myanmar has participated in the Coordinated Direct Investment Survey (CDIS), beginning its first data submission to STA in November 2017. Although recent revisions have resulted in more accurate classifications of transactions and positions, the coverage of some key components should be further reviewed and enhanced (particularly, trade in goods, remittances, and private non-bank financial transactions and positions). The revaluation of the national currency in April 2012 resulted in a large break in the balance of payments and IIP series. Myanmar continues to be one of the beneficiary countries in the current multi-year STA program on improving ESS in the Asia-Pacific Region funded by Government of Japan. Under the project, TA is provided by the ESS advisor in CDOT and ESS short-term experts reporting to STA. | |
| II. Data Standards and Quality | |
| Myanmar began participating in the IMF’s General Data Dissemination System (GDDS) in November 2013, which was superseded by the enhanced GDDS (e-GDDS) in 2015. | No data ROSC is available. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. Data are not provided in a timely manner, and official and independent estimates of key macroeconomic variables differ widely. | |
| National Accounts: Myanmar’s national accounts follow the 1968 System of National Accounts. National accounts data are only available on an annual basis up to FY 2017/2018. Compilation of quarterly data commences in FY 2018/19 at new base-year, 2015/2016, price. Gross Domestic Product (GDP) estimates are compiled at current and constant prices by production and expenditure approaches. Significant discrepancies exist between the two approaches. GDP is estimated at producer prices, instead of the internationally recommended market prices. The quality of the GDP measures is hampered by inadequate source data and the lack of relevant price indexes, such as the producer price index. National accounts estimate do not completely account for informal sector activity. Estimates of some economic activities, particularly in agriculture, construction, and public administration, need major improvement. Resource constraints at the Planning Department and the Central Statistical Organization, along with the lack of interagency coordination and a clear delineation of responsibilities, limit the conduct of surveys and other data collection. Technical assistance (TA) is being provided by the Asian Development Bank (AsDB) to improve the national accounts through the compilation of supply and use tables and to implement the 2008 SNA. The IMF has provided TA on quarterly national account statistics and measures of non-renewable natural resources in national accounts and plans to provide follow-up TA. | |
| Price Statistics: The IMF Statistics Department (STA) has provided TA to develop a new Producer Price Index (PPI) in 2018, but these data re not yet released. The assistance included the PPI questionnaire, pilot data collection, index calculation sheets and other needs of the development work. A new Household Income and Expenditure Survey was conducted in 2017. Results from this survey will be used to update the CPI basket and weights in 2020. | |
| Government Finance Statistics: There is no comprehensive monthly or quarterly compilation of fiscal data. Monthly cash-based budget execution data are available in local language but are not published. Annual comprehensive data with a public sector coverage are being compiled in the GFSM format, but financing data are incomplete, and some transactions of state economic enterprises are recorded partly on an accrual and partly on a cash basis. Fiscal and monetary data are not consistent. In addition, recording of debt statistics is not comprehensive. Myanmar is participating in a two-year STA program funded by the government of Japan designed to improve government finance statistics in the Asia and Pacific Region with a GFS advisor based in CDOT. Regular TA visits to the country are undertaken by the GFS Advisor. In late 2017, the authorities established a fiscal reporting team who compiled annual GFS data with a wide coverage of the public sector for a 6-year period and reported these data to the Fund; and in 2018 have disseminated these data domestically on the Ministry of Finance website. | |
| Monetary and Financial Statistics: The monetary survey compiled by the Central Bank of Myanmar (CBM) covers the central bank and all commercial banks (public and private), including foreign bank branches that commenced their operations in 2015. Reporting of monetary data in the Standardized Report Forms, which accord with the Monetary and Financial Statistics Manual classification principles, was established in January 2012. Nine finance companies and a multiple of deposit taking microfinance institutions have been established in 2013–14, but they are not included in the monetary statistics. The quality of monetary statistics could be further improved by: (i) expanding the coverage of institutions; (ii) monitoring the consistency of the reciprocal/interbank accounts that show positions between the CBM and the commercial banks; and initiating data review and resolution of large inconsistencies; (iii) using electronic means to capture and share data to minimize mistakes; and (iv) in due course, adopting market or fair value-based valuation of financial instruments. | |
| Financial sector surveillance: The authorities submitted quarterly financial soundness indicators (FSI) to STA for dissemination in March 2017, with data back to beginning of 2016. FSIs are critical for effective surveillance of the financial sector. The CBM is currently implementing regulatory prudential measures, which will improve the FSI data quality. The CBM reports nine core and four encouraged FSIs for deposit takers for posting on the IMF’s FSI website with a lag of more than one quarter. However, the reporting of one core and three encouraged FSIs was discontinued since the third quarter of 2016. CBM reports data on several series and indicators to the Financial Access Survey (FAS), including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| External sector statistics (ESS): The balance of payments and international investment position (IIP) are compiled on the basis of the IMF Balance of Payments and International Investment Position Manual (BPM6), sixth edition, since 2016 and quarterly figures are reported to STA. Myanmar has participated in the Coordinated Direct Investment Survey (CDIS), beginning its first data submission to STA in November 2017. Although recent revisions have resulted in more accurate classifications of transactions and positions, the coverage of some key components should be further reviewed and enhanced (particularly, trade in goods, remittances, and private non-bank financial transactions and positions). The revaluation of the national currency in April 2012 resulted in a large break in the balance of payments and IIP series. Myanmar continues to be one of the beneficiary countries in the current multi-year STA program on improving ESS in the Asia-Pacific Region funded by Government of Japan. Under the project, TA is provided by the ESS advisor in CDOT and ESS short-term experts reporting to STA. | |
| II. Data Standards and Quality | |
| Myanmar began participating in the IMF’s General Data Dissemination System (GDDS) in November 2013, which was superseded by the enhanced GDDS (e-GDDS) in 2015. | No data ROSC is available. |
Myanmar: Table of Common Indicators Required for Surveillance
(As of December 31, 2019)
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds), state and local governments, and State economic enterprises (SEEs).
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Myanmar: Table of Common Indicators Required for Surveillance
(As of December 31, 2019)
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
|---|---|---|---|---|---|
| Exchange Rates | 11/19 | 11/19 | D | D | D |
| Reserve Liabilities of the Monetary Authorities2 | 8/19 | 11/19 | M | M | I |
| Reserve/Base Money | 8/19 | 11/19 | M | M | M |
| Broad Money | 8/19 | 11/19 | M | M | M |
| Central Bank Balance Sheet | 8/19 | 11/19 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 8/19 | 11/19 | M | M | M |
| Interest Rates3 | 10/19 | 11/19 | M | I | M |
| Consumer Price Index | 9/19 | 11/19 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4―General Government5 | FY 2018/19 | 12/19 | A | I | NA |
| Revenue, Expenditure, Balance and Composition of Financing4―Central Government | FY 2018/19 | 12/19 | A | I | NA |
| Stocks of Central Government and Central Government―Guaranteed Debt6 | FY 2018/19 | 12/19 | A | I | NA |
| External Current Account Balance | Q3 2019 | 12/19 | Q | Q | Q |
| Exports and Imports of Goods | 11/19 | 12/19 | M | M | M |
| GDP/GNP | FY 2018/19 | 11/19 | Q | A | A |
| Gross External Debt | FY 2018/19 | 12/19 | A | I | I |
| International Investment Position7 | Q3 2019 | 12/19 | Q | Q | Q |
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds), state and local governments, and State economic enterprises (SEEs).
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Myanmar: Table of Common Indicators Required for Surveillance
(As of December 31, 2019)
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
|---|---|---|---|---|---|
| Exchange Rates | 11/19 | 11/19 | D | D | D |
| Reserve Liabilities of the Monetary Authorities2 | 8/19 | 11/19 | M | M | I |
| Reserve/Base Money | 8/19 | 11/19 | M | M | M |
| Broad Money | 8/19 | 11/19 | M | M | M |
| Central Bank Balance Sheet | 8/19 | 11/19 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 8/19 | 11/19 | M | M | M |
| Interest Rates3 | 10/19 | 11/19 | M | I | M |
| Consumer Price Index | 9/19 | 11/19 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4―General Government5 | FY 2018/19 | 12/19 | A | I | NA |
| Revenue, Expenditure, Balance and Composition of Financing4―Central Government | FY 2018/19 | 12/19 | A | I | NA |
| Stocks of Central Government and Central Government―Guaranteed Debt6 | FY 2018/19 | 12/19 | A | I | NA |
| External Current Account Balance | Q3 2019 | 12/19 | Q | Q | Q |
| Exports and Imports of Goods | 11/19 | 12/19 | M | M | M |
| GDP/GNP | FY 2018/19 | 11/19 | Q | A | A |
| Gross External Debt | FY 2018/19 | 12/19 | A | I | I |
| International Investment Position7 | Q3 2019 | 12/19 | Q | Q | Q |
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds), state and local governments, and State economic enterprises (SEEs).
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.