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Paris Club cancels big debt of Myanmar
Published on Saturday, 02 February 2013 22:03
Headquarter building of World Bank in Washington D.C., the United States
The Paris Club members canceled more than 60 percent of total debt for Myanmar after two days of negotiation, according to the state media.
The news was announced after the 16 hours meeting between Myanmar delegation headed by Minister of Finance Win Shein and representatives from Paris Club on January 24 and 25.
According to the debt clearance programme of Paris Club Members, the club members agreed to cancel about US$6 billion, about 50% of total debt US$10.327 billion.
Norway agreed to cancel US$267 million from total debt of US$534 million.
Although Myanmar asked to cancel 67% of entire debt and to allow paying back the rest in 23 years with 7 years’ grace, the Paris Club had agreed to cancel half of the arrears Myanmar owed them in two stages, rescheduling the rest over 15 years, with seven years' grace period.
The meeting was attended by Myanmar creditor countries such as France, Finland, Italy, Japan, Norway, Netherlands, England, Denmark, Canada, Austria and Germany. Representatives of Australia, Belgium, Republic of Korea, Russia, Spain, Sweden, Switzerland, USA, IMF, IDA, ADB and UNCTAD also attended as observers.
Moreover Myanmar will discuss with the respective creditor countries to write off more debt. The Paris Club members will cooperate with International Monetary Fund (IMF) to establish Staff Monitored Program to analyze Myanmar economic reform programme in one year time starting from January to December, 2013.