The
Abu Dhabi-based Arab Monetary Fund pledged a loan of $200m to restructure the
economy of Yemen, one of the region’s poorest countries.
The
loan is to be used to “support an economic restructuring programme” set
for completion by 2012, the AMF said in a statement on its website.
The
programme aims to “increase revenues, streamline costs, strengthen
financial management, and promote growth in non-oil sectors.”
The
fund has granted more than $800m in loans to Yemen to date.
A
subsidiary of the Arab League, the 22-country fund aims to help its members
address major budget imbalances and to pave the way towards a unified Arab
monetary currency.
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