S&P 500
1904.01
+17.25 +0.91%
Dow Indu
16399.67
+19.26 +0.12%
Nasdaq
4315.61
+57.17 +1.34%
Crude Oil
81.95
-0.11 -0.13%
Gold
1245.750
+9.365 +0.76%
Euro
1.281190
+0.004525 +0.35%
US Dollar
85.002
-0.248 -0.32%
Strong

Market Commentary and Intraday News

Deal signed to clear Myanmar debt, allow new loans

631 days ago

POWERFUL FIBONACCI PATTERNS. FREE Webinar Reveals:
- How to spot Wave Patterns you'd easily miss without Fibonacci tools
- How to forecast, find, and trade retracement & extension points
- Secrets of how to use Time & Volume to find hidden opportunities
- AND MUCH More.
Click Here

(AP:YANGON, Myanmar) The World Bank has announced a long-awaited deal to allow Myanmar to clear part of its huge decades-old foreign debt, opening the door for much-needed lending to jump-start its lagging economy.

The bank's Washington headquarters announced Sunday that the Japan Bank for International Cooperation, the country's overseas development bank, will provide a bridge loan to Myanmar to allow it to cover outstanding debt to the World Bank and the Asian Development Bank, which totals $900 million.

Myanmar stopped payments on its old loans about 1987, making it ineligible for new development lending.

The deal is a major breakthrough for Myanmar, with loans likely to go to upgrading its dilapidated infrastructure. The knock-on effect would be to bring in more foreign direct investment, already attracted by the country's relatively low-cost economy.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

INO.com on Facebook INO.com MarketClub on Twitter INO.com on Google+ INO.com YouTube

© Copyright INO.com, Inc. All Rights Reserved.