Fantastic Success for [Archives:1997/47/Front Page]

November 24 1997

PM in Debt Negotiations
The Prime Minister did it. At the end of his talks at the Paris Club last week, Dr. Faraj Bin Ghanim achieved something close to a miracle. The US$ 6.7 billion Russian debt fell to 400 million. And this amount itself is to be repaid over a 20- 30 year period. In addition, the Prime Minister succeeded in including the US$ 1.2 billion arrears to the same re-scheduling and discounting conditions. With this new achievement, Yemen’s total annual debt service will now fall to slightly more than US$ 50 million. The budgetary relief is spectacular. Yemen Times takes this opportunity to hail the PM.