AMF offers $ 200 mln loan to support economic reform in Yemen
The Source: ABU DHABI/hadhramaut.info/sabanews.net - 26/12/2010
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Yemen and the Arab Monetary Fund (AMF) signed on Sunday in Abu Dhabi an agreement, under which the Fund will provide a new loan of USD 200 million to Yemen.
The agreement was signed by Finance Minister Nu'aman al-Suhaybi and the AMF's Director-General and Chairman of Board of Directors Jassim al-Mannai.
With this loan, the Fund would have provided to Yemen 22 loans worth a total of approximately USD 808 million.The last loan will contribute to support a new economic reform program carried out by Yemen and cover the period until 2012.The agreed reform program aims to restore the internal and external financial balance and establish the economic stability constituents. It also includes procedures and policies designed to enhance revenues, spending rationalization, strengthening financial management, as well as stimulating growth in non-oil sectors.The cooperation relations between Yemen and the Fund are not limited only to financing, as the Fund provides, through the Economic Policy Institute, training opportunities for Yemeni cadres working in financial, monetary, and statistical bodies.In this context, 411 trainees have participated in courses, seminars and workshops organized by the Fund in various economic, banking, monetary and financial areas.Furthermore, the Fund have provided technical assistances to qualify for accession to the World Trade Organization (WTO) and in the activity of Central Bank of Yemen, as well as improving and modernizing the balance of payments data and studying the establishment of the stock market.
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