2015 : :
China has rejected a North Korean attempt to join its new Asian Infrastructure Investment Bank (AIIB), according to a recent report, a decision which could have a significant effect on Pyongyang.
Masahiro Kawai, a professor of public policy at the University of Tokyo toldEmerging Markets that North Korea had failed to “disclose sufficient information” relating to industry, public finances, and its tax base.
“But the North Koreans were not willing to provide that information,” Kawai said. Later, a Chinese ministry of foreign affairs spokesman claimed not to have any knowledge of such a rejection.
Though much still lies in the way of mutual collaboration, joining the bank would probably be North Korea’s best chance to sort out its infrastructure problems – from transportation to electricity.
As a multilateral development bank, the AIIB demands high levels of fiscal transparency – a requirement which would force Pyongyang to share information about its economy with the outside world. But the regime has not released…continue reading