Russia Writes Off 90 Percent of North Korea’s Debt

Posted September 18th, 2012 at 4:55 am (UTC-5)
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Russia has agreed to write off 90 percent of North Korea's $11 billion in debt that it has owed to Moscow since the Soviet era.

Russian officials and North Korea's state news agency say the two nations signed the agreement during a meeting Monday in Moscow. Few details on the deal have been released.

Russian Deputy Finance Minister Sergei Storchak had previously said that Moscow would write off 90 percent of the debt with the remaining amount to be used for joint energy, health and education projects in North Korea.