JAPAN: Japan says it plans to resume lending to the Southeast Asian nation as soon as possible next year

Record ID: 466658

  • Title: JAPAN: Japan says it plans to resume lending to the Southeast Asian nation as soon as possible next year
  • Date: 12th October 2012
  • Summary: TOKYO, JAPAN (OCTOBER 11, 2012) (REUTERS) (*** FLASH PHOTOGRAPHY ***) MYANMAR FINANCE AND REVENUE MINISTER, U WIN SHEIN, SITTING DOWN AT CONFERENCE TABLE VARIOUS OF U WIN SHEIN TALKING TO JAPANESE FINANCE MINISTER KORIKI JOJIMA SIGN READING: "MEETING ON MYANMAR IN TOKYO" U WIN SHEIN SITTING WITH JOJIMA PHOTOGRAPHER JOJIMA ADDRESSING CONFERENCE U WIN SHEIN LISTENING TO ADDRESS (SOUNDBITE) (Japanese) JAPANESE FINANCE MINISTER KORIKI JOJIMA, SAYING: "I have the pleasure to inform you that Japan has decided to implement its arrears clearance operation with Myanmar in January 2013, whereby Myanmar's debts, as extended by Japan as concessional loans through 1987, will be bridged and cancelled." U WIN SHEIN WALKING TO PODIUM U WIN SHEIN ADDRESSING CONFERENCE (SOUNDBITE) (English) MYANMAR FINANCE AND REVENUE MINISTER, U WIN SHEIN, SAYING: "Japan has paved the way of debt arrears clearance for other creditors of Myanmar and my deep appreciation again goes to Japan's government on behalf of the government and people of Myanmar." JOJIMA LISTENING TO ADDRESS MORE OF U WIN SHEIN ADDRESSING CONFERENCE (SOUNDBITE) (English) MYANMAR FINANCE AND REVENUE MINISTER, U WIN SHEIN, SAYING: "We are committed to build a new Myanmar, democratic, inclusive, peaceful with sustainable economic growth which will actively and responsibly participate in our shared mission to build a driven and harmonious Asia." MORE OF U WIN SHEIN ADDRESSING CONFERENCE U WIN SHEIN SITTING DOWN
  • Embargoed: 27th October 2012 13:00
  • Keywords:
  • Location: Japan
  • Country: Japan
  • Topics: International Relations,Finance,Politics
  • Reuters ID: LVAE2R5ACGEEL2B9RXEQTFXIGW42
  • Story Text: Japan plans to resume lending to Myanmar as soon as possible next year after clearing 60 percent of debt owed by the fast reforming South Asian state in January 2013, Finance Minister Koriki Jojima said on Thursday (October 11).
    Jojima also said at the start of the Tokyo conference, the nation will be able to clear the remaining 40 percent of debt with the World Bank and the Asian Development Bank in January by bridge loans provided by Japan Bank for International Cooperation.
    He said that will allow the two institutions to resume its full-fledged assistance to the impoverished nation.
    "I have the pleasure to inform you that Japan has decided to implement its arrears clearance operation with Myanmar in January 2013, whereby Myanmar's debts, as extended by Japan as concessional loans through 1987, will be bridged and cancelled," Jojima said.
    Japan waived $3.7 billion U.S dollars of Myanmar's unpaid debt in April, sending a clear signal of Tokyo's intention to capitalise on its improving investment climate and urgent infrastructure needs.
    Nobel Peace Prize winner Aung San Suu Kyi's election to parliament in April helped to transform the pariah image of Myanmar and persuade the West to begin rolling back sanctions after a year of dramatic reforms.
    Myanmar Finance and Revenue Minister U Thein Sein expressed his appreciation for Japan's clearance of most of his country's debt.
    "Japan has paved the way of debt arrears clearance for other creditors of Myanmar and my deep appreciation again goes to Japan's government on behalf of the government and people of Myanmar," he said.
    "We are committed to build a new Myanmar, democratic, inclusive, peaceful with sustainable economic growth which will actively and responsibly participate in our shared mission to build a driven and harmonious Asia," U Thein Sein added.
    Japan, which occupied Myanmar, then known as Burma, from 1942-45, is the country's biggest creditor.
    Analysts and experts have said there will be opportunities for foreign companies across the industrial landscape, from energy, mining and construction to agriculture, finance and tourism.
    A Japanese consortium signed a deal with Myanmar in August to jointly develop a special economic zone on the edge of the commercial capital, Yangon.
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