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Yemen burdened with $7 billion in foreign debt

National Yemen

foreign debt

The government has announced that Yemen’s total debt to western countries reached $7.275 billion in October. The Central Bank stated that foreign debt rose to this level late in the first half of 2012, which is largely attributable to recent loans from international funding institutions. Such lenders include the International Development Authority and the Saudi Fund for Development.

According to the Central Bank, the biggest portion of the debt – 45%, or $3488 million – is from international funding institutions.

“$2,111 million from the International Development Authority, which belongs to the International Bank, 960 million from the Arab Fund for Economic and Social Development, 147 million from the International Monetary Fund, and 259 million from the Arab Monetary Fund,” read a Central Bank statement.

It was reported that member countries in the Paris Club comprised the second ‘group’ which Yemen owes a large amount of debt money to, with $1725 million from Russia, $306 million from Japan, $96 million from the U.S, $79 from France and $44 million from Italy.

A Central Bank report stated that Yemen’s debts to non-member nations in the Paris Club have reached $1,553 million.

Yemeni economists have stated that Yemen’s debts are within acceptable limits, and so it will remain able to take out further loans in order to improve the state of its near-paralyzed economy.

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