Tuesday, May 26, 2015Tuesday, May 26, 2015

Myanmar says creditors agree to major debt relief

Published on Jan 28, 2013 11:25 AM

YANGON (AFP) - Myanmar said today that the Paris Club of creditor nations had agreed to cancel half of its debts, another milestone in the rapid transformation of the former junta-ruled nation.

The deal, together with pledges by Japan and Norway, reduces the country's debt burden by nearly US$6 billion (S$7.4 billion), according to an official statement published by state media.