Economy

Yemen committed to settling existing debts

Yemen’s government has said it remains committed to paying back loans to the Arab Monetary Fund (AMF) that were due in 2016, and once paid back millions of dollars more will be made available state news agency SPA reported.

Yemen borrowed the money to fund the fight against the Houthi militia, but have been unable to repay the funds by the agreed date.

Abdul Rahman Al-Humaidi, chairman of the Arab Monetary Fund, said Yemen would now pay the loans according to a new schedule.

But Humaidi said it was uncommon for Yemen not to repay its debt on time.

He said the AMF was ready to help Yemen modernize its central bank by preparing a comprehensive study of the current financial situation and the banking sector in Yemen.

Al-Humaidi said Arab Trade Financing Program would provide payments of up to $150 million once Yemen had repaid its existing debts.

AFP.

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