Russia has agreed to write off 90 per cent of North Korea’s $11bn in decades-old debt in a sign that Moscow and Pyongyang may forge ahead with new economic and political ties.
Russia said it had agreed to write off the bulk of the debt in accordance with its policy of forgiving debts for impoverished countries.
The remainder of the debt – about $1bn, according to Russia’s finance ministry – will be used as a “debt-for-aid” programme, allowing Moscow to enter into new projects in the North Korean energy, health and education sectors.
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