Arab foreign debts estimated at $ 144 billion

The chairman of the Arab Monetary Fund Jasem al-Mena'e stressed that the economic reforms programs pursued by the Arab states during the past years succeeded in decreasing general foreign debts to $ 144 billion for the year 2000 from approximately USD 159 billion in 1995.

He explained that this measure resulted in reduction in the foreign general debt rate from 73% to almost 50% of the GDP.

He said that the deficiency the Arab states have suffered repeatedly during the period between 1995- 1999 was more than that in other developing states as this rate in the Arab states ranged between 2 to 6% while it was between 2 to 4 percent in other developing countries.

Al-Mana'e remarked that the discrepancy in the government's budget was in parallel with a deficit in the balance of payment that many Arab states suffer from. A situation that requires the introduction of economic reform programs.