AMF offers Yemen 2 loans totaling US

The Arab Monetary Fund (AMF) has offered ordinary and compensatory loans worth US$ 205 million to Yemen to support its financial and economic reforms and redress the pressing deficit in balance of payments. AMF Director General Dr. Jassim al-Mannai said the US$ 95 million ordinary loan would help Yemen's financial reform programme from June 2012 to December 2013 by containing deteriorating economic situation, balancing and stabilising macro economy and improving living conditions for realising security, stability and social peace. The second loan of US$ 110 million, he added, would strengthen Yemen's ability to face the extraordinary economic situation of marked increase in value of agricultural imports due to high prices in international markets and low local production. He said the two loans carry interest rates between 1.1% and 1.3 % with a grace period of more than 30 months. So far, the AMF has given Yemen 24 loans at the value of nearly US$ 1 billion.