SABA - Yemen news agency

Print date: 16-12-2018
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Yemen, IMF discuss cooperation in economic reforms

WASHINGTON, Oct.13 (Saba)- Finance Minister Dr. Mohamed Zemam discussed on Monday with Managing Director of the International Monetary Fund (IMF) Christine Lagarde bilateral cooperation in financial and economic reforms area.

In the meeting, which was held on sidelines of meetings of the IMF and World Bank (WB) in Washington DC, Lagarde renewed the Fund's commitment to support Yemeni government and people to move forward in the path of the financial and economic reforms.

The two sides stressed the need to support the poorest groups in the developmental projects through the net savings from the program of national reforms.

At the meeting, Zemam presented a presentation on the financial status of the general budget of the state and the repercussions of frequent sabotage attacks on the infrastructure of oil and gas sectors, which impacted negatively on the overall revenues of the budget.

He affirmed the political leadership's commitment to the reforms program despite lowering the fuel prices under the peace and national partnership agreement recently signed by the political parties in Yemen .

On another hand, the finance minister held a talks session with Director of the IMF's Middle East and Central Asia Department Dr. Masood Ahmed. They dealt with the developments of the economic and financial situation in Yemen and the IMF's support to Yemen during the coming period.

The talks touched on the arrangements related to the agreement signed already between the two sides to support " Authorities" program over three years.

Under this agreement, Yemen on October 01 received $ 73.8 million, which is the first available disbursement of the $ 552.9 million credit facility under the agreement, to support the three-year program to strengthen the government's efforts in the path of economic reforms with a view to maintain macroeconomic stability and promote inclusive growth.

During the talks, Dr. Masood commended the cohesion of the financial and banking institutions in managing the economic file and implementing the agenda of national reforms despite the challenges faced by Yemen.

"An attention must be paid to ease the burden on the citizens and the poorest groups during the current stage", Dr. Masood added, noting that the IMF and the international community support the national reforms path, which will put Yemen on the road of growth and economic stability.