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Japan to Resume Yen Loans to Burma Early Next year

12 October 2012

Japanese Finance Minister Koriki Jojima revealed on Thursday that Burma will begin receiving new yen loans again early next year, according to a report by The Japan Times. Jojima said the new loans will start after Japan writes off a large amount of Burma’s outstanding debt in January. In April, the two countries reached a deal under which Japan agreed to cancel about 60 percent of the US $6.4 billion Burma owes to its largest creditor. He made the remarks at a meeting on Burma’s development on the sidelines of the IMF and World Bank’s annual meetings in Tokyo.