Yemen foreign debt, $5.69 billion [Archives:2005/885/Business & Economy]

October 13 2005

Specialized economic sources have said that correct estimates of Yemen's foreign debts are known in addition to non-confidence in official statements.

At a time a government report has disclosed that the volume of Yemen's foreign debts amounted to five billion and 69 million dollars until the end of last June, economic sources explained that those figures were being heard about for two and three years and had not changed while we are continuously informed of loans and debts approved by parliament and government.

According to a recent report issued by the ministry of finance and approved by the cabinet in its weekly meeting, the volume of foreign debts is within the safe boundaries.

The report indicated also that the total value of loans Yemen has obtained has amounted to $9 billion and 815 million, eight billion and eighty millions have been used. The total installments, paid with their interests amounted to three billion dollars and 385 millions. The government report has confirmed that the value of used loans amounts to one billion dollars and 753 millions. The report affirmed also that volume of the existing asset of indebtedness has nor exceeded a proportion of 0.7%, which is a rate within the safe limits and attributed that by saying that most of loans offered to Yemen are of easy conditions and payable in long periods.

On their part, the specialized economic sources view that statements of foreign debts differ at more than one side at the parliament, the finance ministry, public administration of loans and the central bank. Each of those sides brings about a figure different than the other.

Mr. Abdulrahman al-Samawi, mayor of the central bank has earlier stressed that Yemen was considered among the less indebted countries in the Middle East and it was the best in the policy of exchange rate price, pointing out at the same time to the proportion of foreign indebtedness that amounts to 47% as an important achievement of the bank.