Fantastic Success for PM in Debt Negotiations [Archives:1997/47/Front Page]

November 24 1997

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.