Accord between Russia, Yemen to clear debts soon

Russia and Yemen have concluded technical meetings in alternation between Sanaa and Moscow by agreeing upon the details of a draft on bilateral accord documents so as to clear Yemen's debts to Russia according to the agreements of the Paris Club.

A Yemeni official said that an agreement was reached on Yemeni debts due to Russia, adding that this will create an opportunity for boosting economic and trade cooperation between the two countries.

The official added that the experts have reached an acceptable formula concerning the real numbers and documents of the prior loans.

Yemeni debts to Russia amounted to nearly $7 billion in 1997, including $6.13 billion in military and upgrading loans, in addition to $342 million in commercial debts.

In July 1998, the sides endorsed an agreement to reschedule the noncommercial loans to reach $1,29 billion, after a 10% reduction. The current value became $426 million, upon which they agreed to settle throughout 33 years on the basis of semiannual installments without an allowance period.