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FINANCIAL NEWS
IMF expects to ink loan agreement with Yemen by year-end
29 May 2013
(MENAFN) The International Monetary Fund hopes to reach a longer-term agreement with Yemen and mobilize aid from international donors before the end of the current year, reported Arabian Business.
It’s still undecided how much or how long the program will be, but it is estimated to be around USD500 million, depending on the financing gap and the amount of money Yemen will get from donors, according to Deputy Managing Director Nemat Shafik.
The economic recovery is still weak and attacks on oil pipelines are cutting the budget revenues.
The country’s population is 25 million, of which 35 percent is unemployed.
It’s worth noting that Yemen is the second-poorest Arab country after Mauritania.
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