al-Thawra: Syrian foreign debt represents 10% of the gross domestic product
Syria, Economics, 1/28/2005

Chairman of Syrian State Planning Commission Abdullah Dardari said Thursday that the Syrian foreign debt became less than 10% of the gross domestic product GDP, following an agreement signed between Moscow and Damascus regarding Syrian debts for Russia.

"This settlement will improve Syria's position at the international credit scene and will enable it to gain best provisions by international financing firms when they offer Syria loans," Dardari told the Syrian official Newspaper al-Thawra.

"Syrian foreign debt is less than 10% of the GDP, the debt service is 8% out of the total exports," the Syrian official added.

He described the debt settlement as one of the most important outcomes of President Bashar al-Assad's visit to Moscow on the economic level.

Chairman of the commission indicated that Syria seeks also to settle debts owed to Bulgaria and Romania.

"By doing so, Syria opens a new era of economic and trade relations with the countries of Eastern Europe," Dardari said, pointing out that Syria signed protocols last November with each of Slovakia and Czech to settle debts Syria has previously borrowed from former Czechoslovakia.

Russia, during the 4-day visit of President al-Assad to Moscow, agreed to drop $ 9.8 billions representing 73% of the Syrian debt which amounted $ 13.4 billions dating back to the Soviet Union era.

Previous Stories:
  Syria and Russia joint statement on al-Assad's visit to Moscow   (1/26/2005)
  Moscow studies cutting most of the Syrian debts   (1/26/2005)
  European companies to explore and dig for oil in Syria   (1/19/2005)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search