Japan cancels millions from Yemeni debits [Archives:2006/976/Local News]

August 28 2006

SANA'A, Aug. 27 ) The Japanese Government decided to cancel US$7.8 million of Yemen's debts to Japan for the fiscal year 2006, according to a release by the Japanese Embassy in Yemen.

The move comes in response to a resolution made by the trade development board affiliated with the United Nations Conference on Trade and Development that urged donor countries to help countries that are facing difficulties

The cancellation documents were signed and exchanged today between the Embassy of Japan and the Yemeni Ministry of Foreign Affairs. The cancellation aims at supporting the efforts of the Yemeni government to achieve economic development and alleviate poverty.

In order to give evidence to the nature of the mutual relations between Yemen and Japan, Japan adopted a new relief project in Sep 2004. Since the oset of their relief programs Japan has cancelled over US$25 million from Yemen's debts.