After 45 years of missing deadline, North Korea in debt to Sweden $302 millionStaff Writer | March 4, 2019
Pyongyang has a record debt to the Scandinavian nation, which has hit 2.8 billion Swedish kronas ($302 million).
Asia The items were shipped to North Korea back in the 1970s
After around 45 years of missing the deadline, the North’s initial debt rose from 600 million kronas ($65 million at the current rate) to record 2.8 billion ($302 million), the chief analyst of the Swedish Export Credit Agency (EKN), which serves as credit insurer for companies’ trade deals, told Sveriges Radio.
Stefan Karlsson explained that the sum has been surging due to added interest, and rose by 100 million kronas ($15 million) in one year, thus making North Korea Sweden's major debtor. Previously, Cuba held the position.
Sweden received the last payment from the North in the late 1980s, and Karlsson says that the chance that it will get the money back is pretty small given North Korea 's current economic situation.
Some of the exported Volvos were previously spotted in North Korea. Back in 2016, the Swedish Embassy in Pyongyang posted a photo showing one of the “still unpaid” cars, saying it is used as a taxi in the northeastern city of Chongjin. ■