Myanmar Reaches Deal With International Lenders to Cancel $6 Billion in Government Debt

by Colonel on January 28, 2013

“Myanmar has announced a deal with international lenders to cancel nearly $6bn of its debt.

The country also cleared its arrears to the World Bank and the Asian Development Bank (ADB) with the help of a bridge loan from Japan, removing another crucial hurdle for the resumption of international aid.

Myanmar said on Monday that the Paris Club of creditor nations had agreed at a meeting on Friday to write off half of its debts to the group in two phases, with the remaining amounts to be rescheduled over 15 years.

There was no immediate comment from the club, an informal grouping of industrialised nations.

According to Myanmar, Japan has committed to cancel arrears worth more than $3bn while Norway is writing off $534m.

It said other bilateral donors were expected to follow suit.

” — Copyright 2013 Al Jazeera

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