Yemen will receive $ 640 million in aid to reduce the state budget deficit, Minister for Finance Noman Al-Suhaibi said on Tuesday, days after the government approved the next year's budget with a deficit of $ 1.4 billion.
London-based Al-Hayat Newspaper quoted the minister as saying that the International Monetary Fund will give $ 370 million, the Arab Monetary Fund will give $ 200 million and the World Bank will give $ 70 million.
The sums will be released over the next three years, he said, as the paper cited a report that the gross domestic product will grow by 7.6 per cent this year because of the LNG exports and the development of non-oil sector by 5 per cent.
Yemen is currently implementing comprehensive reforms with a focus on economic reforms supported by the IMF and WB.
Al-Suhaibi's remarks coincided with the announcement of the U.S. Assistant Secretary of State for Near Eastern Affairs Jeffrey D. Feltman in which he affirmed his country's commitment to supporting Yemen in various areas, especially to boost national economy and development process.
Meeting Foreign Minister Abu Bakr Al-Qirbi on his second visit to Yemen this year, Feltman said the U.S. is supporting Yemen's efforts in facing current challenges through a long-term aid strategy.
We are ready to support Yemen within Friends of Yemen Group and coordinate with the Yemeni authorities to ensure the group's coming meeting in Riyadh will be a success, he assured.