Myanmar says Paris Club agreed big debt write-off

January 28, 2013 05:03

BANGKOK - The Paris Club of creditor countries has agreed to cancel half of the arrears owed to it by Myanmar, and individual countries have offered big debt cancellations, giving total debt relief of about $6 billion, Myanmar's government said on Monday.

Norway has cancelled all the $534 million owed to it, while Japan is cancelling more than $3 billion, it said.

Earlier, the World Bank and Asian Development Bank said Myanmar had cleared the arrears it owed to them, with help from Japan, and the two development banks were now able to restart lending programs to the country, which has opened up since 2011 after decades of military rule.

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