Tuesday, 3 August 2010

Yemen Gets $370 Million IMF Loan to Help Reduce Budget Gap, Combat Poverty

Source: Bloomberg
03\08\2010


The International Monetary Fund approved a $370 million loan for Yemen to support a three-year plan aimed at cutting the budget deficit and reducing poverty.

The Washington-based lender made an initial disbursement of $53 million available immediately, according to a statement posted on its website yesterday.

Yemen’s government aims to rein in the fiscal deficit to 3.5 percent of gross domestic product while generating annual economic growth of 5 percent, the IMF said. The government is set to introduce a general sales tax and abolish exemptions on tax and customs duties to boost revenue. Tax evasion in Yemen is estimated at 80 percent, according to the Yemen Times newspaper.


“Yemen is confronted with a range of difficult economic challenges related to its heavy dependence on declining oil revenues, widespread poverty, and water shortages,” Naoyuki Shinohara, the fund’s deputy managing director, said in the statement. “The global financial crisis has aggravated these challenges through a reduction in world oil prices, resulting in mounting macroeconomic imbalances.”

Growth may accelerate to 8 percent this year from 3.9 percent last year, with non-oil output increasing 4.4 percent, according to IMF forecasts. The inflation rate may rise to 9.8 percent, the IMF said.

The central bank has spent hundreds of millions of dollars to support the rial, which this week fell to a record low of 236.5 per dollar according to Bloomberg data.

Oil Running Out
Yemen, which relies on oil revenue for 70 percent of its budget, expects reserves to run out over the next decade. Crude production may drop to 260,000 barrels a day this year from 440,000 barrels a day in 2001, according to U.S. Energy Department data. The country has turned to liquefied natural gas as a potential alternative export to oil.

Attacks by a branch of al-Qaeda based in Yemen, including an attempt to blow up a U.S. airliner in Detroit on Dec. 25, prompted Western countries to organize an aid conference hosted by the U.K. in January, at which donors promised to increase economic assistance.

4 comments:

  1. Once the Payday Loan is granted, the creditor to deposit money in your bank account if you have direct deposit capabilities and shorter step is official.

    ReplyDelete
  2. thanks for that eddy ...For me, paying $30 to take out a $200 advance on my paycheck makes sense.

    ReplyDelete
  3. MRS.IRENE QUERY FINANCE IS THE BEST PLACE TO GET A LOAN {mrsirenequery@gmail.com}

    God bless you Madam, I will not stop telling the world about your kindness in my life, I am a single mum with kids to look after. My name is Mrs.Rachel Alex, and I am from Singapore Center Drive, Miami Beach, FL . A couple of weeks ago My friend visited me and along our discussion she told me about MRS.IRENE QUERY FINANCE, that they can help me out of my financial situation, I never believed cause I have spend so much money on different loan lenders who did nothing other than running away with my money. I have been in a financial mess for the pass 7 months now,She advised I give it a try so I mailed her and explain all about my financial situation to her, she therefore took me through the loan process and gave me a loan of $180,000.00 at a very low interest rate of 3% and today I am a proud business owner and can now take good care of my kids, If you must contact any firm to get any amount of loan you need with a low interest rate of 3% and better repayment schedule, please contact MRS.IRENE QUERY FINANCE via email{mrsirenequery@gmail.com}

    ReplyDelete
  4. How I Got My Loan From A Genuine And Reliable Loan Company

    My name is Mrs SMITH STEPHANIE. I live in Malaysia and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $100,000,00 and was scammed by those fraudulent lenders and a friend introduce me to MR IBRAHIM MUSA,and he lend me the loan without any stress,you can contact him at (powerfinance7@gmail.com)

    1. Your Full names:_______
    2. Contact address:_______
    3. Country Of Residence:______
    4. Loan Amount Required:________
    5. Duration:_____
    6. Gender:_____
    7. Occupation:________
    8. Monthly Income:_______
    9. Date Of Birth:________
    10.Telephone Number:__________

    Regards.
    Managements
    Email Him at: powerfinance7@gmail.com

    ReplyDelete