The Republic of Yemen participated today, Wednesday, in the 11th annual Paris Club Forum for the year 2024, held in the French capital, Paris. The Yemeni delegation was headed by the Minister of Finance, Salem bin Buraik.
Roundtable discussions at the forum, with the participation of the Head of the Technical Office at the Ministry of Planning and International Cooperation, Eng. Shuaib al-Sagheer, addressed several issues. These included sovereign debt within the context of the global economy, with a focus on the global economic environment, positive developments, debt restructuring, ensuring successful debt treatment, and the importance of the role of international financial institutions in supporting debt restructuring operations. Additionally, the discussions touched upon the terms of the Common Framework agreed upon by the G20 countries in accordance with the Paris Club creditors.
The Minister of Finance highlighted the significant and exceptional economic and humanitarian challenges facing the country due to the ongoing war ignited by the Houthi militia. He stressed the importance of the international community’s support in addressing the sovereign debt of fragile states comprehensively and flexibly, in coordination with relevant parties. The Minister expressed the government’s appreciation for the efforts made within the Common Framework and the Paris Club to address debt issues.
Minister bin Buraik reiterated the importance of considering the specific circumstances of fragile and conflict-affected countries in any debt restructuring initiatives. He emphasized the need to enhance coordination between official and commercial creditors to ensure comprehensive and fair debt resolution. He also pointed out the necessity of taking into account the specific needs of fragile states, including Yemen, such as reconstruction and peacebuilding requirements, achieving sustainable development goals, developing effective debt management capacity-building programs, and developing mechanisms to improve debt transparency.
Source: https://www.sabanew.net/story/ar/113220
