On 1 February 2021, the military-nominated then Vice President U Myint Swe (who is now the current President of Myanmar) declared a state of emergency for a period of one year ("Declaration") pursuant to Article 417 of the Constitution of the Republic of the Union of Myanmar 2008. Six months to the day after the Declaration, a new caretaker government was established on 1 August 2021 pursuant to Order No. 152/2021 issued by the SAC, with the military pledging to hold elections by August 2023. At the same time, the intensifying COVID-19 situation has to date posed considerable challenges for the healthcare sector and the broader business community in Myanmar.
Against the backdrop of the unstable political situation and fragile healthcare system in the country, this Update discusses the legal and regulatory developments that have taken place in the country over the past six months since the Declaration, as well as what they mean for investors moving forward.