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Japan vows aid for Myanmar, urges debt resolution
226 days ago
(AP:TOKYO) Japan's finance minister says Tokyo will press ahead with restoring full development aid to Myanmar while working to clear its mountains of unpaid debt.
The Ministry of Finance said Thursday that its minister Koriki Jojima told fellow finance leaders of the Group of Seven industrialized nations that Japan will extend new yen loans to Myanmar to support its democratic and economic reforms.
Other G-7 leaders gathered in Tokyo for annual International Monetary Fund and World Bank meetings endorsed moves to shore up Myanmar's finances and support development.
The U.S. on Wednesday lifted U.S. restrictions on lending to Myanmar, eliminating almost all sanctions imposed during decades of oppressive military rule.
Myanmar owes about $900 million to the World Bank and Asian Development Bank. They last extended loans in the late 1980s.
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