Overview

Chinese Government cancels RMB 240 million of the Government of Myanmar’s outstanding obligations (Linked to Record ID#34279)

Commitments (Constant USD, 2023)$56,490,548

Commitment Year•2006Country of Activity•MyanmarDirect Recipient Country of Incorporation•MyanmarSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 23, 2006

Start (actual): Nov 23, 2006

End (actual): Nov 23, 2006

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

China Ministry of Commerce

Receiving agencies

Government Agencies

Government of Myanmar (Burma)

Loan desecription

Chinese Government cancels RMB 240 million of the Government of Myanmar’s outstanding obligations (Linked to Record ID#34279)

Narrative

Full Description

Project narrative

On November 23, 2006, the Chinese Government and the Government of Myanmar signed a debt exemption protocol, which cancelled RMB 240 million of the Government of Myanmar’s outstanding obligations. The agreement was signed during a visit to Myanmar by China’s deputy minister for commerce, Chen Jian. This project is linked to Record ID#34279, which records a loan signed at the same time as this debt exemption protocol.

Staff comments

1. The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs that were signed by the two governments. As such, the loans likely had maturity lengths of 20 years and since they had reached maturity by 2006, they were likely contracted prior to 2000. Therefore, AidData has not assigned this record to the umbrella category (as there is little risk of double counting the monetary value of the debts that were forgiven).