North Korea Says Signed Debt Deal with Russia

staff
September 17, 2012 09:54 PM

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North Korea's state news agency KCNA said on Tuesday that it and Russia had signed a deal on debts owed by Pyongyang to Moscow, although it gave no details of any of the terms.

Pyongyang is estimated to owe around $11 billion, racked up when North Korea was a client state of the Soviet Union. The two countries held talks on a debt settlement earlier this year.

"A contract was signed in Moscow on readusting debt that the DPRK (North Korea) owed to the Russian Federation as a result of the loans that the former Soviet Union had offered to the DPRK," KCNA reported.

Reuters