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anyone know how to clear off the debt which the region own?

The debt will be in bonds. Go to your treasury department, bottom right button is the bond market. There will be bonds outstanding in the amount of your nations debt. Select one and then click "buy back bond"...should be the red button on the right.

They are 1 year bonds so I have to buy it every year?

bonds are automatically renewed at your current interest rate. the bond you start with start to renew one a month... you'll get an email.

If you have the money, you can buy all your debt back in one day. You can only buy 1 bond back per pause period though(which is kind of odd) so you have to pay off bond, unpause, pause, repeat.

You will probably have some bonds which are very large and some that are rather small. Because paying back any bond benefits your interest rate, you can significantly cut down on interest payments for the expensive bonds, the large ones, by buying back your small bonds.

If you about to build something ambitious, buy a bond to get liquid. When the build completes [reducing the daily drain on your revenues], if you planned it right, you should be able to repurchase the bond within a day or two. Don't get into the habit of leaving them to autorenew....

Also, if your credit rating improves substantially, aggressively refinance - e.g. you have a few bonds out at around 6.8%, and you can get new bonds at around 5.3%. Every day, buy a new bond at 5.3% then immediately repurchase one of the old 6.9% bonds.

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Colorless green ideas sleep furiously [but otherwise, they do not worry and are happy].

newb question. explain in detail what happens when your renew a bond?

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A bond is a debt with a specified interest rate, and a specified term.
It must be repaid at the end of the term.
Typically, a new bond is issued at your present interest rate to repay the old bond [refinance]. That is - a new bond replaces the old bond, and the interest rate reflects your current creditworthiness.
This is done 'automatically,' when a bond expires, regardless of any lock setting you have on the bond panels.
You may alternately, repay a bond outright - that is, take your surplus cash and pay the bond off, without replacing it.

Tip - if you are planning to repay one of many bonds, repay the one with the longest expiration and/or the highest interest rate. Pay attention to your credit rating. If you want to know what the present rate really is, go through the 'issue bond' sequence to see a proposed bond, and then cancel it [don't issue the bond]. For instance, you have an 8% bond that expires in three months, and a 7.5% bond that expires in a year, and your present credit rating will garner you 6.5% one-year bonds. Pay off the 7.5%-OneYear bond and let the 8%-ThreeMonthsLeft bond be refinanced at your better rate in three months time. There may be a lot of complex accounting to do to assess a complex bond portfolio for the best candidate. Good thing it's a game: Don't worry - be happy.

Other tips - if your credit rating has significantly improved, AND you have credit available to issue bonds at will at a size large enough to replace an existing bond, you might start your own renewal program. That is, you issue a new bond [at a better interest rate] and immediately pay off an old bond [one with the highest interest cost]. You can typically do about one of these a day. Be careful to space these out, as you do not want to have a portfolio of bonds that all come due in a series of days a year out.

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Colorless green ideas sleep furiously [but otherwise, they do not worry and are happy].

bump up ..

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