Myanmar announces major debt relief deal
This general view shows the docks at the Myanmar International Terminals, at Thilawa industrial zone project near Yangon, on January 4, 2013. Myanmar said on Monday that the Paris Club of creditor nations had agreed to cancel half of its debts, another milestone in the rapid transformation of the former junta-ruled nation
Yangon, Jan 28:
Myanmar today said that the Paris Club of creditor nations had agreed to
cancel half of its debts, another milestone in the rapid transformation
of the former Junta-ruled nation.
The deal, together with pledges by Japan and Norway, reduces the
country’s debt burden by nearly $6 billion, according to an official
statement published by state media.
It said the agreement, struck with Paris Club creditor countries on
January 25, would cancel the debts in two phases, with the remaining
amounts to be rescheduled over 15 years.
Japan has committed to cancel arrears worth over $3 billion while Norway
is writing off $534 million, according to the statement.
“Other bilateral donors are expected to follow suit and more debt
cancellation is coming on the way in the next six months,” it said.
The move follows a string of dramatic political reforms in the one-time
pariah state, which is seeking development assistance and foreign
investment to boost its ailing economy.
http://www.thehindubusinessline.com/news/international/article4353395.ece
Posted by BCJP
on Monday, January 28, 2013. Filed under
