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Myanmar secures debt relief of $6 billion

Myanmar said on Monday that the Paris Club of creditor nations has agreed to cancel half of its debt, another milestone in the rapid transformation of the former junta-ruled nation. The deal, together with pledges by Japan and Norway, reduces the country's debt burden by nearly $6 billion, according to an official statement published by state media. It said the agreement, struck with Paris Club creditor countries on January 25, would cancel the debt in two phases, with the remaining amounts to be rescheduled over 15 years. Japan has committed to cancel arrears worth over $3 billion while Norway is writing off $534 million, according to the statement.

US senate group proposes broad immigration plan

A bipartisan group of US senators has agreed on a framework for immigration reform that would provide a "path to citizenship" for those in the United States illegally but only after measures are put in place to secure borders and track undocumented immigrants. The document, made available to news organisations early Monday and first reported by Politico, comes a day before President Barack Obama is to outline his proposals for immigration reform. An outline of the proposal said it would allow those in the United States illegally to register with the government, pay a fine, and then be given probationary legal status allowing them to work.

Lending in euro zone falls for eighth month in a row

Loans to companies and households in the euro zone contracted for the eighth month running in December, showing low official borrowing costs are having little success in reviving investment and spending. Loans to the private sector fell 0.7% from the same month a year ago, European Central Bank data showed, in line with the mid-range forecast in a Reuters poll of economists. The monthly flow of loans to non-financial firms fell 22 billion euros in December after falling by 7 billion euros in November. The monthly flow of loans to households showed a drop of 3 billion euros after a rise of 6 billion euros in the previous month.

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