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FINANCIAL NEWS
IMF plans $370m support for Yemen reforms
05 Sep 2010
(MENAFN) The International Monetary Fund (IMF) has revealed a program for supporting Yemen over three years with a value of $369.8 million within the frame of the more extensive plan for the medium term development, AP reported.
The Yemeni plan concentrates on accelerating the rate of growth outside the oil sector along with keeping an inflation rate within moderate levels and placing the public revenues on a more solid track in the medium range.
The IMF said that in a move for facing the deterioration of the economic situating in the country the Yemeni government has drawn up the broad lines of a reform program aimed at facing the possibility of drop in the oil revenues and giving a push to public investments and social spending.
According to the IMF document the third issue the reforms focus is the containment of is containment of the unnecessary current expenditures in order to change the current spending to capital spending and social transfers.
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