Myanmar still owes over 9 bln USD int'l arrears: minister

2013-02-03 12:20:54 GMT2013-02-03 20:20:54(Beijing Time)  Xinhua English

YANGON, Feb. 3 (Xinhua) -- Myanmar still owes 9.6 billion U.S. dollar remaining debts to the international, Myanmar Minister of Finance and Revenue U Win Shein told a press briefing in Nay Pyi Taw Sunday.

The arrears include over 5 billion dollar loans taken before 1988 and over 3 billion dollars after 1988.

Of the total arrears, 462.994 million dollars are with the World Bank, while 185.604 million dollars with the Asian Development Bank (ADB) and 4.402 billion dollars with the Paris Club creditor countries.

Of the arrears after 1988, that owed to China stood the largest with 3.3 billion dollars, the minister revealed..

According to an official figures revealed in the parliament in October 2012, Myanmar's foreign debt including capital plus interest stood 15.089 billion U.S. dollars, while domestic debt showed 9.988 trillion Kyats (11.89 billion dollars).

Myanmar could reduce international debt of over 6 billion U.S. dollars including that with Norway and Japan after successfully coordinating with major donor countries in January.

Meanwhile, Myanmar has also settled 512 million dollar debt owed to the Asian Development Bank (ADB) and 430 million dollars owed to the World Bank by taking out the amounts from the Japan Bank for International Cooperation (JBIC) on Jan. 25 and paid back to the two creditors.

Obtaining new loans of the same amount from the two creditors on the same day, Myanmar finally settled the debt by paying off the bridge loan to JBIC.

According to Myanmar's Ministry of Finance and Revenue, the World Bank will support Myanmar with 80 million dollars in carrying out national community-driven development project for infrastructure development in agricultural sector, roads, health centers and schools of 640 villages across the country.

Both ADB and World Bank will resume social and economic assistance to help Myanmar build strong foundation for poverty alleviation scheme and positive reform process.

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