23:22 GMT +319 May 2019
Listen Live
    Swedish and Danish Currency

    North Korean Debt to Sweden Reaches Record High $302Mln in 2019 - Reports

    CC BY 2.0 / Tony Webster
    Business
    Get short URL
    213

    STOCKHOLM (Sputnik) - North Korea's debt to Sweden in 2019 has reached its highest level of 2.8 billion Swedish kronas ($302 million), Sveriges Radio reported on Saturday, citing Stefan Karlsson, the chief analyst of the Swedish National Export Credits Guarantee Board (EKN).

    Sveriges Radio reported that a part of Pyongyang's debt comprised a payment for 1,000 cars delivered by Sweden’s Volvo auto manufacturer to North Korea back in 1970s and mining equipment supplied by Atlas Copco industrial company. According to Karlsson, initially, the debt accounted for about 600 million kronas, but it has increased significantly over the past 45 years, with interest added.

    READ MORE: No Reason to Change UN Security Council Sanctions on North Korea — German Envoy

    Karlsson also pointed out that Sweden had received no payments from North Korea since the 1980s, adding that it was unlikely that the debt would be paid soon in the view of the country's current economic situation.

    Currently, North Korea is Sweden's major debtor.

    Related:

    Vintage Volvo: Sweden Still Hopes to Reclaim North Korea's 70s Debt
    That 70's Bill: North Korea Ready to Pay Off an Old Debt to Finland
    North Korea Summit Ends in No Deal, Was It a Failed Attempt or Complete Failure?
    Tags:
    payment, debt, Democratic Republic of North Korea (DPRK), Sweden
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik