Published January 08, 2015
Germany has signed an agreement to forgive half the 1.084 billion euro ($1.48 billion) debt it is owed by Myanmar, implementing a plan which Germany and other creditor nations accepted a year ago.
The state-owned Myanma Ahlin newspaper reported Tuesday that the agreement was signed the previous day in Myanmar's capital, Naypyitaw, during a state visit by German President Joachim Gauck, the first by a German head of state in 26 years. Germany's finance and development ministries confirmed the signing.
The Paris Club of 19 mostly Western creditor countries agreed in January last year on a debt forgiveness formula to help stabilize Myanmar's economy as it transitions to democracy after five decades of military rule.
https://www.foxnews.com/world/germany-signs-agreement-with-myanmar-to-forgive-half-of-its-1-billion-euro-debt