UN report says Myanmar poverty could double from coup chaos

The report by the UN Development Program, or UNDP, said 12 million people could fall into dire economic straits as businesses remain shuttered in a standoff between the junta and a mass civil disobedience movement.

Many factories, offices, banks and other facilities have closed and trade has been disrupted by work stoppages and other disruptions at ports, economists and others familiar with the situation inside Myanmar say. That has worsened already bleak conditions due to the pandemic.The economy grew rapidly after a previous military regime initiated a partial transition to a civilian government, while keeping control of key ministries and industries and seats in parliament.

A weakening of the Myanmar kyat to about 1,600 kyat per dollar from about 1,350 kyat before the coup also hinders the country's ability to import much needed medicines and other supplies.So far, foreign governments and businesses have sought to levy pressure on Gen. Min Aung Hlaing and others in the junta through targeted sanctions meant to cut off financial support to the army, or Tatmadaw.

Sanctions could freeze deposits linked to the state-owned Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank, it said.

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