$8 billion foreign debts,Government share of oil exports rose [Archives:2003/670/Business & Economy]

September 22 2003

Yemeni government share of oil exports in the first half of this year amounted to 36, 21 million barrels compared to 35, 22 million barrels during the same period of last year. Statistical indicators pointed to drop in proportion of non-oil exports and increase in the total value of loans to reach $8 billion and 887 million, $ 7 billion and 563 million of which spent for funding development projects. The Central Bank of Yemen statistics clarified that the government revenues of those oil exports during the period starting from July 2003 amounted to $1.49 billion against $812.31 million for the same period of last year, recording an increase by $188, 18 million.
The Bank has attributed the rise in value of oil exports to the rise of oil prices in World Oil Markets as the average price of a barrel reached $27, 63 against $22, and 87 of last year.
The Bank's report has indicated that the existing asset of indebtedness on June 30, 2002 amounted to $5 billion and 138 million. Yemen receives loans from various creditors under easy conditions and long- term repayment periods.
The total loans amount of Yemen last year was about $4,8 billion, registering a sudden rise after a drop to about $3,6 billion following re-scheduling of Yemeni debts at meetings of donors in Paris 5 years ago.
At that time Yemen had got debt exemptions by 60%. Those debts where estimated at around $6 billion payable to Russia.