Paris Club reschedules Jordan's debts

Jordan has concluded an important agreement with the Paris Club member countries to reschedule a sum of USD 2.1 billion to be paid by Jordan during the period from this July until December 2007.

The "Paris Club" which includes the countries which have to be paid by Jordan due debts, announced that the agreement which was finalized during talks held in Paris will be enough" to enable the Jordanian government to pay fully debt services to the countries members in Paris Club." The club explained that the Jordanian government is committed not to seek having other alternatives dealing from Paris club as soon as this agreement is implemented." Before the talks Jordan said it seeks total readjustment of its debts estimated at USD 3.8 billion. There are estimates that Jordan's total foreign debts it has to pay is estimated at USD 7 billion, ( approximately 75% of its GNP).

The chairman of the Jordanian delegation Michael Marto said the agreement will "contribute to keeping an optimum level of foreign reserves, will alleviate debts burden service and will help to support the balance of payment without resorting to borrow from world financial markets."