Russia writes off 90% of North Korea's $11 bn debtSeptember 18, 2012 - 18:52 AMT PanARMENIAN.Net - Russia said on Tuesday, September 18 it agreed to write off 90 percent of North Korea's $11 billion debt and would reinvest the balance in the reclusive Asian state, in a sign of closer engagement with Pyongyang under new leader Kim Jong-un, Reuters said. By writing off most of the sum owed by North Korea, one of the world's poorest countries, Russia granted a level of forgiveness in line with debt reduction deals it has given to its most impoverished debtors. Moscow said the remaining $1 billion or so of the debt racked up by Pyongyang when it was a client state of the Soviet Union would go towards energy and education deals as well as development aid. Analysts believe infrastructure deals will likely be a big part of the investments, including in railway and power lines. Russia is also considering building a gas pipeline to energy-hungry South Korea - which Alexander Vorontsov, head of the Korean and Mongolian Studies department at a Russian Academy of Sciences institute, said Pyongyang would be bound to welcome. The outstanding debt owed by North Korea will be managed by Russia's state development bank, Vnesheconombank. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |