North Korea Signs Debt Adjustment Pact with Russia

North Korea has signed a debt adjustment pact with Russia, the North’s state media said Tuesday.

The pact to adjust debts the North owed to the Soviet Union, now Russia, was signed Monday in Moscow, the Korean Central News Agency said.

“The North-Russian debt adjustment pact will pave the way for the two countries to further expand economic cooperation between them,” the KCNA said.

In June, Russia reportedly wrote off 90 percent of an 11 billion dollars debt the North owed Russia, while agreeing to invest the remaining 10 percent in a joint economic program. 

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