|Finance Minister Win Shein signing the debt agreement.|
Since few years back Burma has been trying to get out of that default to normalize her relationship again with the World Bank with the help from JBIC (Japan Bank for International Cooperation).
|MOFR Press Release in Burmese for World Bank Debt Cancellation.|
|MOFR Press Release in Burmese for ADB Debt Cancellation.|
The deal is a major breakthrough for Myanmar, with loans likely to go to upgrading its dilapidated infrastructure, including electricity and ports. The knock-on effect would be to bring in more foreign direct investment, already attracted by the country’s relatively low-cost economy.
|MOFR Press Release in Burmese for JICA Debt Cancellation. JICA cancelled JY 303 billions|
and converted the rest, JY 198 billions, to a new debt of JY 198 billions by using
the JY 198 billions bridging loan from three Japanese commercial banks.