Jordan's foreign debt drops 4.4 percent in first half from end 1999
Jordan's foreign debt fell 4.4 percent to $6.9 billion dollars in the first half of this year from $7.2 billion at the end of 1999, the finance ministry said Friday.
Despite the drop, due primarily to a restructuring and rescheduling of the country's debt to France, the debt still stands at more than 95 percent of Jordan's gross domestic product.
The French action, agreed during a visit to France by King Abdullah II in November, entailed forgiving $14 million, capitalizing another $56 million and rescheduling more than $200 million over 18 to 20 years.
France is Jordan's second-largest creditor, with debt now standing at $670 million. Jordan owes Japan $1.9 billion.
The other principal creditors are Britain, Germany, the United States and Saudi Arabia, as well as Arab, Islamic, European and international financial institutions.
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)