IMF approves $50 Million Payout for Yemen [Archives:1999/27/Local News]

July 5 1999

The International Monetary Fund approved a $50 million payment from its loans to Yemen on Monday, and said the government had coped well with lower oil prices and a difficult external environment.
IMF Deputy Managing Director, Shigemitsu Sugisaki, said in a statement that inflation was likely to stay below 10 percent this year. The non-oil economy would expand by 4 percent. “Directors praised the authorities for accelerating the pace of structural reforms,” he said.
“Directors urged the authorities to preserve the gains achieved thus far by adhering to a prudent mix of fiscal and financial policies for the remainder of 1999, especially in view of the vulnerability of the budget to oil market volatility.”
Yemen is receiving money from two separate IMF loans, a concessionary credit designed for poor countries and a longer-term arrangement designed for countries showing strong commitment to reform.