Myanmar clears ADB, World Bank overdue debt | Bangkok Post: business

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Myanmar clears $1bn in overdue debt

Myanmar cleared about US$1 billion in overdue debt with the Asian Development Bank (ADB) and World Bank using a bridge loan from Japan, opening the door for increased lending as the country seeks to overhaul its infrastructure.

The ADB announced a $512 million loan, its first to Myanmar in more than 30 years, while the World Bank separately said it would lend $440 million to the Southeast Asian country. The funds will be used to pay back the Japan Bank for International Cooperation, which this month provided financing to Myanmar to clear arrears with the government-backed lenders.

"We need capital investment to do development and business," Maung Maung Thein, Myanmar's deputy finance minister, said by phone on Monday. "This will help for financing development work."

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  • The Dark Side

    ThailandPost : 607

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    Discussion 1 : 28 Jan 2013 at 19.091

    "As Myanmar could clear the debt, it would be recognized as a responsible nation," the finance ministry said in a statement.

    Let me get this straight. Burma borrows more money to pay back bad loans and is considered responsible? Let's just call the country "Little Greece"

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