Overview

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

Commitment Year•2004Country of Activity•MyanmarDirect Recipient Country of Incorporation•MyanmarSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2004

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

Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

Myanmar Ministry of Finance and Revenue

Implementing agencies

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

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

Grace period•2 yearsInterest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

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 an additional two-year grace period, which started on July 1, 2004.

Staff comments

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)'.