Myanmar clears ADB, World Bank overdue debt | Bangkok Post: business

Business > News

Myanmar clears $1bn in overdue debt

Myanmar cleared about US$1 billion in overdue debt with the Asian Development Bank (ADB) and World Bank using a bridge loan from Japan, opening the door for increased lending as the country seeks to overhaul its infrastructure.

The ADB announced a $512 million loan, its first to Myanmar in more than 30 years, while the World Bank separately said it would lend $440 million to the Southeast Asian country. The funds will be used to pay back the Japan Bank for International Cooperation, which this month provided financing to Myanmar to clear arrears with the government-backed lenders.

"We need capital investment to do development and business," Maung Maung Thein, Myanmar's deputy finance minister, said by phone on Monday. "This will help for financing development work."

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

Most Viewed

  • Cinemas refuse to cut ticket prices

    Thailand's leading cinema operators, Major Cineplex and SF Cinema Group, insist they will hold ticket prices at current levels, and claim their popcorn is expensive because it is imported.

Forum

image

Your comments

  • The Dark Side

    ThailandPost : 606

    Send message

    Discussion 1 : 28 Jan 2013 at 19.091

    "As Myanmar could clear the debt, it would be recognized as a responsible nation," the finance ministry said in a statement.

    Let me get this straight. Burma borrows more money to pay back bad loans and is considered responsible? Let's just call the country "Little Greece"

Reply

Sign in once and access every part of the website at your convenience!

Please log in to our Bangkokpost.com community to post your comment.
You can sign in to the community by clicking here.

If you are not part of the community yet, please sign up here. By being part of this community you will get all these privileges.