=C8R to remit most of Cambodia's $3.6m debt
By =C8TK / Published 13 May 2008
Prague, May 12 (CTK) - The Czech Republic will forgive most of the
debt worth $3.6m (Kc58m) to Cambodia which will have to pay a quarter
of the amount, the Finance Ministry told CTK today.
The plan for the debt's reduction is part of a memorandum reps of the
Czech Republic and Cambodia signed today.
The Czech Republic will use the paid money for development assistance.
Cambodia should pay 23 percent of the debt, that is Kc13m, to the
Czech Republic and then the rest will be forgiven.
Both countries also signed an agreement on mutual protection of and
sup****t to investments.
At end-2006, the Czech Republic had Kc18.4bn claims on other world
countries. The sum does not include special loans subject to the
regime of secrecy.
The amount of money foreign countries owe to the Czech Republic has
been falling in the long term.
When the independent Czech Republic was established in 1993, foreign
countries owed Kc156bn to the Czech Republic, with Cuba being the
biggest debtor.
The Finance Ministry had ranked claims on Cambodia as highly risky.
