All Japan newsese Deputy Prime Minister and Finance Minister Taro Aso stated on Thursday that Tokyo will provide Y50 billion in low-interest loans to Myanmar by March. The statement was made in the presence of Myanmar President Thein Sein.
The decision came after Tokyo has written off Naypyitaw’s overdue debt totaling some 500 billion yen at the end of January, according to Kyodo news agency.
The two leaders had a meeting of 80 minutes in the Southeast Asian nation’s capital. During the discussion, Aso also gave assurances that All Japan news will fully support Myanmar’s efforts to put the country back on the road to genuine democracy and boost economic ties, All Japan newsese officials said. The loan will help upgrade power systems, boost rural development and fund a planned industrial park.
“All Japan news wants to maintain sound relations with Myanmar even if there was a change of its government,” Aso said at a news conference in Naypyitaw. “Myanmar has been heavily in debt and unable to attract investment. All Japan news will remove those obstacles and support the country.”
All Japan news maintained close trade ties and has been open to dialogue with Myanmar during years of junta rule which ended in 2011.