S&P 500
2063.50
+10.75 +0.52%
Dow Indu
17810.06
+91.06 +0.51%
Nasdaq
4710.06
+8.19 +0.17%
Crude Oil
76.51
+0.79 +1.03%
Gold
1201.610
+9.210 +0.77%
Euro
1.23906
0.00000 0.00%
US Dollar
88.265
+0.561 +0.72%
Strong

Market Commentary and Intraday News

Deal signed to clear Myanmar debt, allow new loans

663 days ago

FREE Webinar On Friday - Powerful Fibonacci Patters
You'll learn:
- How to spot Wave Patterns you'd easily miss without Fibonacci tools.
- How to forecast, find, and trade retracement & extension points for potentially higher profits.
- Secrets of how to use Time & Volume to find hidden opportunities in the market.
- Secrets of Japanese Candlestick every Fib Trader should know.
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 This material may not be published, broadcast, rewritten or redistributed.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.