Sunday, 26 December 2010

AMF pledges $200-million-loan to Yemen

Source: AFP, 26/12/2010

ABU DHABI — The Arab Monetary Fund pledged a loan of $200 million to restructure the economy of Yemen, one of the region's poorest countries, the fund announced on Sunday.

The loan is to be used to "support an economic restructuring programme which Yemen is to achieve by 2012," the AMF said in a statement.

The programme aims to "increase revenues, streamline costs, strengthen financial management, and promote growth in non-oil sectors."

This raises to $808 million dollars the total amount of loans which the Abu Dhabi-based fund has granted Yemen.

Set up by the Arab League, the 22-member fund aims to help its members address major budget and balance of payments imbalances and to stabilise their exchange rates

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