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Lenders to Pledge $1 Billion for Burma

28 September 2012

Burma is expected to get US $1 billion in new loans from the International Monetary Fund (IMF) and other leading lenders when they meet in Tokyo next month, according to Japan’s Nikkei business daily. The IMF, the World Bank and the Asian Development Bank are considering loans worth up to $900 million, while another $100 million will likely be offered by the Japan Bank for International Cooperation and other Japanese banks as bridging loans to pay off past debts. In April, Japan wrote off 300 billion yen ($3.9 billion) of the 500 billion yen it loaned to Burma more than two decades ago.