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Myanmar

  • Myanmar discovers it has only 51 million people
    YANGON, Myanmar – Myanmar has discovered it has only 51 million people – far less than the previously estimated 60 million.
  • Dethroned Myanmar beauty queen takes crown
    A Myanmar beauty queen who was stripped of her title for allegedly being rude and dishonest has run off with the $100,000 jeweled crown, a South Korea-based pageant said Friday.
  • Sweeping on Shwedagon: An act of merit
    Every evening, more than a dozen men and women walk in a tight row in front of Myanmar’s most revered Buddhist pagoda, sweeping the vast marble terrace in unison in hopes of keeping it clean for barefoot pilgrims.
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Japan is canceling $3.58 billion in Myanmar debt

YANGON, Myanmar – Japan says it is canceling $3.58 billion in debt owed by Myanmar.

A Japanese Embassy statement Wednesday said the move is intended to help Myanmar’s efforts in democratization, national reconciliation and economic and social reform.

Myanmar accumulated $8.4 billion in foreign debt during the socialist regime of the late Gen. Ne Win from 1962 to 1988, and $2.61 billion under the military junta that took over in 1988. An elected government took power in 2011.

The World Bank announced Sunday that the Japan Bank for International Cooperation, Japan’s overseas development bank, will provide a bridge loan to Myanmar to cover outstanding debt to the World Bank and the Asian Development Bank totaling about $900 million. That will allow them to provide new development loans.

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