North Korea becomes largest debtor to Sweden, owing $300+ million

Pyongyang has a bizarre and now report debt to the Scandinavian nation, which has hit 2.eight billion Swedish kronas ($302 million), in accordance to native media citing authorities company insuring export offers.

The unpaid invoice features a thousand mannequin 144 Volvos and mining tools provided by Atlas Copco industrial firm in addition to different Swedish producers. The objects had been shipped to North Korea again within the 1970s, however the nation has not nonetheless honored the money owed.

After round 45 years of lacking the deadline, the North’s preliminary debt rose from 600 million kronas ($65 million on the present price) to report 2.eight billion ($302 million), the chief analyst of the Swedish Export Credit Agency (EKN), which serves as credit score insurer for firms’ commerce offers, told Sveriges Radio. Stefan Karlsson defined that the sum has been surging due to added curiosity, and rose by 100 million kronas ($15 million) in a single 12 months, thus making North Korea Sweden’s main debtor. Previously, Cuba held the place.

Sweden obtained the final cost from the North within the late 1980s, and Karlsson says that the prospect that it’ll get the cash again is fairly small given North Korea ‘s present financial scenario.

Some of the exported Volvos had been beforehand noticed in North Korea. Back in 2016, the Swedish Embassy in Pyongyang posted a photograph exhibiting one of many “still unpaid” automobiles, saying it’s used as a taxi within the northeastern metropolis of Chongjin.

EKN reportedly reminds North Korea to repay the money owed twice a 12 months, nevertheless, the requests are often met with silence.