Russia says wrote off 90 pct of North Korea's debt

World News
18-09-2012 | 01:27
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Russia says wrote off 90 pct of North Korea's debt
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Russia says wrote off 90 pct of North Korea's debt
North Korea's state news agency KCNA said on Tuesday that it and Russia had signed a deal on debts owed by Pyongyang to Moscow, although it gave no details of any of the terms.            

Pyongyang is estimated to owe around $11 billion, racked up when North Korea was a client state of the Soviet Union. The two countries held talks on a debt settlement earlier this year.                  

"A contract was signed in Moscow on readjusting debt that the DPRK (North Korea) owed to the Russian Federation as a result of the loans that the former Soviet Union had offered to the DPRK," KCNA reported.

Konstantin Vyshkovsky, head of the debt department at the Finance Ministry told Reuters on Tuesday that the rest of the debt will be restructured and reinvested in Russian projects in North Korea.


REUTERS
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