Sana’a: Terms of Arab Monetary Fund Loan Are Disastrous for Yemen’s Economy
The “Chairman of the Finance Committee in parliament of Sana’a”, Ahmed Al-Nuwairah, considered that the absence of “the parliament’s approval to the loan of Arab Monetary Fund bears consequences for those who borrowed it.” In reference to Sana’a’s disclaimer of responsibility for the economic repercussions of this loan.
In the same context, a member of the Parliamentary Finance Committee, Representative Dr. Ahmed Nassar, said that the decisions of the pro- coalition government and Saudi Arabia “do not concern the Yemeni people and do not obligate them to anything.” Referring to the decision to borrow a billion dollars from the Arab Monetary Fund.
The President of the Economic Forum, Dr. Hamdan Al-Shami, said, “the presence of the Saudi Finance Minister during the signing of the loan agreement with the Arab Monetary Fund is the clearest evidence on the size of the trusteeship.” Stressing that “the terms of the Arab Monetary Fund loan are more unfair than those of the International Monetary Fund and disastrous for the Yemeni economy.”
Al-Shami expected that the pro coalition government with the availability of the dollar’s cover would move to a new printing of the currency that will lead to a new collapse in the price of the Yemeni riyal.