Finance minister says debts settlement boosts cooperation with Russia
Syria-Russia, Politics, 1/27/2005
Syria's Minister of Finance Muhammad al-Hussein said Wednesday that agreement on settling debts, signed between Syria and Russia today, is in the interests of both countries and opens the way for more advanced relations.
"Syria's total debt was $ 14.5 billions, $ 1.1 billion was dropped according to Syrian financial demands, the amount would be $ 13.4 billionsÉ after negotiations both sides agreed that the total settlement amount will be $ 3.616 billions which equals 27% of the total debt," Minister of Finance declared in press conference in Moscow.
He added that $ 1.5 billion will be paid to Russia during the coming ten years, in addition, the Syrian side will transfer $ 2.116 billion as one payment to a private account for Russia in the Central Bank of Syria by Syrian pounds pricing 11.20 for each dollar.
He said that Russia will use this amount to buy Syrian goods or make Russian investments in Syria.
Minister Hussein added that solving the problem of debts will contribute to attracting foreign investments in Syria.
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