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The Japanese government is to resume yen loans to Myanmar. Japanese authorities had stopped lending to Myanmar (previously known as Burma) in 1987. The announcement was made by Finance Minister Koriki Jojima at a meeting held on the sidelines of the meeting of the International Monetary Fund and the World Bank Group .
During talks held in April between Myanmar President Thein Sein and Japanese PM Yoshihiko Noda, the Japanese official asked that 300 billion yen of the country's 500 billion yen debt be scrapped. Additionally, during the meeting hosted by Japan's Finance Ministry, Japan has pledged for a deal on Myanmar's debt relief.
In order to be implemented, the measure needs to be preceded by a series of procedures by which Japan needs to settle Myanmar's debts towards the country. Japan is currently Myanmar's largest creditor.
Opposition leader Aung San Suu Kyi is expected to embark on a visit to Japan in March 2013.