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Myanmar

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     YANGON, Myanmar – The new U.N. human rights envoy for Myanmar expressed serious concern about the conditions in camps for more than 100,000 mostly minority Muslims displaced by violence led by Buddhist extremists, and warned
  • Myanmar finds rape case causing unrest was faked
    YANGON, Myanmar – Authorities in Myanmar announced Sunday that the alleged rape of a Buddhist woman by two Muslim men that triggered religious violence in the central city of Mandalay was fabricated.
  • 700 protest South Korean factory closure
    YANGON, Myanmar – More than 700 workers protested Thursday in front of the South Korean Embassy in Myanmar to demand officials help them after a Korean-owned factory closed without paying their wages.
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Japan is canceling $3.58 billion in Myanmar debt

YANGON, Myanmar – Japan says it is canceling $3.58 billion in debt owed by Myanmar.

A Japanese Embassy statement Wednesday said the move is intended to help Myanmar’s efforts in democratization, national reconciliation and economic and social reform.

Myanmar accumulated $8.4 billion in foreign debt during the socialist regime of the late Gen. Ne Win from 1962 to 1988, and $2.61 billion under the military junta that took over in 1988. An elected government took power in 2011.

The World Bank announced Sunday that the Japan Bank for International Cooperation, Japan’s overseas development bank, will provide a bridge loan to Myanmar to cover outstanding debt to the World Bank and the Asian Development Bank totaling about $900 million. That will allow them to provide new development loans.

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