Project ID: 64645

Chinese Government reschedules $94 million of Government of Myanmar’s outstanding repayment obligations

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Myanmar

Sector

Action relating to debt (Code: 600)

Flow type

Debt rescheduling

Level of public liability

Central government debt

Infrastructure

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Description

In March 2004, during Chinese Vice Premier Wu Yi's visit to Rangoon, the Chinese Government pledged to reschedule $120 million in overdue debts from the Government of Myanmar. Then, in August 2004, China Export & Credit Insurance Corporation (Sinosure) and the Myanmar Ministry of Finance & Revenue signed a debt rescheduling agreement for a $94 million loan. The loan's original maturity date was November 1, 1999. However, Sinosure reportedly extended a two-year grace period, which started on July 1, 2004.

Additional details

1. AidData was not able to retrieve the original or revised borrowing terms of the loans that were originally schedules to reach maturity in 1999, beyond the grace period adjustments. As such, the flow class field has been set to 'Vague (Official Finance)'.

Number of official sources

Number of total sources

Download the dataset

Details

Cofinanced

Direct receiving agencies [Type]

Myanmar Ministry of Finance and Revenue [Government Agency]

Implementing agencies [Type]

China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]

Insurance provider [Type]