Business & Economy
Written By: Faisal Darem
Article Date: May 1, 2012 - 8:08:49 PM
The International Monetary Fund (IMF) approved on Monday the allocation of an Extended Credit Facility (ECF) for Yemen at a cost of US$ 93,750,000.
Minister of Planning and International Cooperation, Mohammed al-Sa'adi said that the IMF Board of Directors allocated the foresaid amount to meet the deficit gap of the state budget for the fiscal year of 2012, estimated at YR 561,611, 320,000.
“There is an understanding amongst major international financial institutions (IFIs) represented by the World Bank (WB) and the IMF for Yemen's development needs during the transitional phase,” he said.
He also pointed out to the discussions carried out with senior officials at the IMF and the WB which led to the decision of enhancing cooperation ties with Yemen to contribute to supporting its coalition government and assist it in overcoming difficulties.
The WB decided to resume providing developmental assistance for Yemen.
Moreover, the minister made reference to the negotiations which took place between the Yemeni delegation and the U.S. Department of the Treasury's Assistant Secretary for International Finance, Charles Collyns.
The talks resulted in activating the US contribution aiming to prop up the government’s efforts to address the current economic consequences of the political crisis.
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