Arab states debt stands at $ 375 bln

Arab states' debt reached $ 375 million in 1999, external debts accounting for $ 156 billion, said Jassem Al Manna, director of the Arab Monetary Fund.

In a conference here on "Public Debt Management," he said internal public debt of Arab States, estimated to be $ 219 billion represents 41% of their gross domestic product (GDP) with a varying rate ranging from 103% for Lebanon to 8% for Mauritania.

In the conference held in collaboration with the International Monetary Fund and the World Bank, Al Manna pointed out external public debt represents 58% of GDP of 13 indebted countries, with the highest rate being recorded in Mauritania with 163% and the lowest in Jordan with 20%.

Heavy indebtedness is due to the fact that some Arab countries turn to domestic and external monetary markets to carry out economic projects whose financing "exceeds their revenues," he said.