Japan writes off $3.6b debt of Myanmar

TOKYO - Japanese Prime Minister Yoshihiko Noda announced to write off 300 billion yen (about $3.68 billion) debt of Myanmar to help the country's democratization and reform process during his talk with Myanmar President U Thein Sein.

Noda and U Thein Sein held a bilateral talk after attending the 4th Mekong-Japan summit with other four top leaders from Great Mekong Subregion countries.

Noda said that Japan will support Myanmar's economic development with some financial aids in the near future, such as low-interest yen loans. He said the meeting with U Thein Sein is very historic.

U Thein Sein is the first top leader of Myanmar to pay official visit to Japan in 28 years. He is also arranged to meet some Japanese business people accompanied by foreign and economic ministers during his 5-day stay. Japan also pledged to provide about 600 billion yen (about $7.37 billion) in official assistance to five Great Mekong Subregion nations in the next three years to boost the region's development during the summit held Saturday morning.