New Loans from International Bank & IMF [Archives:2001/49/Local News]

December 3 2001

The International Bank and the International Monetary Fund (IMF) have granted loans to Yemen totaling US $ 1.18 million to be distributed to different sectors, including supporting the second Fifth Plan for the coming five years (2001-2005), such as that of dams, water catchments, road repairs, the establishment of technical institutes, the support of local authorities, the encouragement of job handicraft industries and the provision of job opportunities for women.
It is notable that implementation of what remains of the economic reform policies in Yemen will of course lead to other economic problems. In this case, the government has to take administrative measures and issue labor legislation in order to provide job opportunities for unemployed people and to urge the private sector to participate in the development process.
In addition, imposing taxes on sales will lead to the augmentation of prices and will negatively affect the low-paid employees, which will in turn entails the increase of social budget funds to maintain thousands of the poor families.
The annual loans to Yemen granted by the international bank have totaled US $200 million.