Myanmar remains to settle debts to ADB & WB

Although Myanmar has settled some debts to Asia Development Bank (ADB ) and the World Bank (WB ), the country still owed a combined sum of US$1,500 billion to these two institutions, Minister Win Shein of the Ministry of Finance and Revenue said at the Union Assembly on February 19.

While settling the international debts, Myanmar firstly had settled the Japanese’s debts. In April last year, Japan reduced the rate of debt 60 percent of 502 billion yen, the finance minister also said.

He continued to say that Myanmar had settled the debts by borrowing some loans from ADB and WB.

After paying some debts, Myanmar has already remained the debts of US$ 664.793 billion to pay the WB and  US$882.598 billion to ADB.

source: Eleven Myanmar

http://www.elevenmyanmar.com/business/2579-myanmar-remains-to-settle-debts-to-adb-wb