Syrian foreign debt less than 10% of GDP

Published January 27th, 2005 - 09:14 GMT

Chairman of Syrian State Planning Commission Abdullah Dardari said Thursday that the Syrian foreign debt became less than 10% of the gross domestic product (GDP) , following an agreement signed between Moscow and Damascus regarding Syrian debts for Russia.

 

“This settlement will improve Syria’s position at the international credit calendar and will enable it to gain best provisions by international financing firms when they offer Syria loans,” Dardari told the Syrian official Newspaper al-Thawra. “Syrian foreign debt is less than 10% of the GDP, the debt service is 8% out of the total exports,” the Syrian official added.

 

Russia, during the 4-day visit of President Assad to Moscow, agreed to write off $ 9.8 billion, representing 73% of the Syrian debt, which amounted $ 13.4 billion dating back to the Soviet Union era.


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