BREAKING NEWS

Japan to seek debt relief for Myanmar at IMF meeting

By REUTERS

SEPTEMBER 21, 2012 06:21

TOKYO - Japan will try to broker a deal on debt relief for fast-reforming Myanmar on the sidelines of the upcoming International Monetary Fund meeting in Tokyo, Japanese Finance Minister Jun Azumi said on Friday.

Japan waived $3.7 billion in Myanmar's unpaid debt in April, sending a clear signal of Tokyo's intention to capitalize on its improving investment climate and urgent infrastructure needs.

Nobel Peace Prize winner Aung San Suu Kyi's election to parliament in April helped to transform the pariah image of Myanmar and persuade the West to begin rolling back sanctions after a year of dramatic reforms.

Analysts and experts have said there will be opportunities for foreign companies across the industrial landscape - from energy, mining and construction to agriculture, finance and tourism.

Japan, which occupied Myanmar, then known as Burma, from 1942-45, is the country's biggest creditor.

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