ADB, World Bank to waive Myanmar's debt, ministers say
Tokyo - The Asian Development Bank and the World Bank were to waive Myanmar's outstanding debt, ministers said Thursday, according to Japanese news reports.
The long-isolated South-East Asian country was to be cleared of its debts of 500 million dollars to the ADB and 400 million dollars to the World Bank, its second- and third-largest creditors, as early as January.
The move "will pave the way for the resumption of full-fledged(development) assistance to Myanmar," Japanese Finance Minister Koriki Jojima told reporters after a meeting with delegates from both financial bodies and Myanmar.
The talks were hosted by Japan, which remains Myanmar's largest creditor, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Tokyo.
"Addressing Myanmar's debt issue in a comprehensive way is important for Myanmar to engage in the international community," the country's Finance and Revenue Minister Win Shein was quoted assaying.
Myanmar owes Japan 500 billion yen (6.4 billion dollars) in outstanding bilateral loans, after Tokyo waived 300 billion yen of debt in April during a visit by Myanmar's President Thein Sein.
Jojima said Japan was planning to resume yen loans to Myanmar inearly 2013, the first such lending in 26 years.//DPA
