Japan forgives Myanmar debt, will restart aid

GlobalPost

Myanmar's reforms have earned it debt forgiveness from Japan. 

Myanmar's largest creditor has agreed to waive $3.7 billion in loans and restart aid to the country for the first time in 25 years, Agence France-Presse said.

“At a time when Myanmar’s democratization is reaching a key stage, Japan is declaring to further support its efforts to reform and to continue bolstering assistance,” AFP quoted Japanese Prime Minister Yoshihiko Noda as saying at press conference in Tokyo.

Myanmar's president Thein Sein is in Japan until Tuesday. 

"We are now able to open a new page in the relationship between the two countries," the Wall Street Journal quoted him as saying. 

More from GlobalPost: Official date set for Suu Kyi's entry to Myanmar parliament

Japan is the is first Myanmar creditor to waive the long-isolated country's debt.

The WSJ pointed out Japanese companies are eager to tap into economic opportunities in Myanmar. 

More from GlobalPost: Promises, pitfalls await investors in Burma’s frontier economy

Tell us about your experience accessing The World

We want to hear your feedback so we can keep improving our website, theworld.org. Please fill out this quick survey and let us know your thoughts (your answers will be anonymous). Thanks for your time!