Myanmar, Germany sign agreement on debt relief

Myanmar and Germany Monday signed an agreement in Nay Pyi Taw providing debt relief to Myanmar upto 50 percent.

Myanmar President U Thein Sein and his German counterpart Joachim Gauck were present at the time of signing the agreement, Xinhua reported citing Myanmar's state radio.

The remaining debt of 542 million euros out of 1,084 million euros with a three percent interest would be repaid to Germany within a period of 15 years.

The formal signing came after discussions between the two leaders, in which a range of issues were touched upon.

These issues include the success and challenges of Myanmar's political, economic and administrative reforms, and promotion of cooperation in terms of trade and investment.

Gauck arrived Sunday for his first official visit to Myanmar as a German president.