August 19, 2019, 15:11


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

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

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.

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