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Last updated: 11:41:07 PM GMT(+03) Sunday, 24, February, 2013
 
 

GCC Secretary General urges World Bank to support Yemen

 
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 Yemen Post Staff

Dr. Abdul-Latif bin Rashid al-Zayani, Secretary General of the Gulf Cooperation Council - GCC - urged on Thursday World Bank Regional Director, Hartfg Scheffer to provide Yemen with the technical supports it requires to better absorb foreign aid and hence enhance its ability to rebuilt its institutions as well as boost its economy.The meeting which took place in Riyadh - Saudi Arabia - at the headquarters of the Secretariat General of the Cooperation Council meant among other matters to iron out WB position in Yemen and the role it could play in assisting the impoverished nation's recovery.Although Yemen was promised billions of dollars - $7.9 billion - back in September 2012 at the Friends of Yemen Donors' Conference, the government self-confessed it was having difficulties absorbing the aid due to a lack of structure.Yemen Prime Minister Mohammed Salem Basindwa estimated earlier this year Yemen wold only be able to absorb up to $700 million of economic aid per annum; a figure say economists which is not nearly sufficient to salvage Yemen's broken economy and provide the help and support hundreds of thousands Yemenis need.Despite an injection of funds by WB in May 2012 - $863 million - to improve the absorptive capacity of the Yemeni public institutions, officials have complained Yemen needs to work harder and faster if the nation is ever to benefit for the billions set aside by the world community.Dr. Zayani is now asking for yet more support.

 

 

 

 


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Source: Yemen Post Newspaper
 
 
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