|Rich nations of the Paris Club.|
(Burmese delegation led by Finance and Revenue minister U Win Shein arrived Paris on 22 January to attend the meeting for the forgiveness of Burmese debt. Burmese side first explained in details the political and economic reforms currently going on in their country and submitted their proposal for debt forgiveness.
Burmese propsal was 67% of all their Parric Club debts to be forgiven, and the rest of the debts to be allowed to pay back in 23 years time including 7 years grace-period. Paris Club's response was 40% of all debts to be cancelled, and the rest to pay back in 15 years including 5 years grace-period. Final agreement was reached between two sides after after 16 hours continuous meeting from 11:00 January 24 to 3:00 January 25.
As the final result Burma has achieved the forgiveness of 60% (6.192 billion US Dollars) of her external debts from the debt relieve program of the Paris Club and the debt relief programs from both Norway and Japan.)