Japan is canceling $3.58 billion in Myanmar debt

Myanmar

Myanmar Muslims jailed for killing Buddhist monk

MEIKHTILA, Myanmar – A Myanmar court sentenced seven Muslims to prison – one of them to a life term – in the killing of a Buddhist monk amid deadly sectarian violence that was overwhelmingly directed against minorityToday 3:05 am

Obama lauds Myanmar's progress in meeting with president

WASHINGTON - President Obama lauded the progress made by Myanmar President Thein Sein’s government to open the political process, and said greater emphasis on human rights will bring the Southeast Asian country more prosperity.Monday

Myanmar army to continue role

The military that ran Myanmar for decades will continue to play a major role in the country, said the former general who has presided over the transformation of a nation that only three years ago was considered one of the world’s most repressive.Monday

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.