WASHINGTON, April 23 (Saba) – 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 the IMF Board of Directors allocated the foresaid amount to meet the deficit gap of the state budget for fiscal year 2012, estimated at YR 561,611, 320,000.
There is a demonstrated understanding of some major international financial institutions (IFIs) represented by the World Bank (WB) and the IMF for Yemen's development needs during transitional phase, he added.
He also pointed out to the discussions carried out with senior officials at the IMF and WB came out with a decision of enhancing cooperation ties with Yemen to contribute supporting the government of national reconciliation to overcome difficulties of this stage.
The WB decided to resume providing developmental assistance for Yemen as well as enabling the government to withdraw to implement development projects agreed on between both sides.
From the other hand, the minister made reference to negotiations made between the Yemeni delegation with 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 governments efforts to address the current economic consequences of the political crisis.