High Interest Loan, Economic Guardianship…Al-Alimi Signs for Saudi Arabia to Control Yemen’s resources

Al-Alimi’s authority of Aden signed on Sunday, an agreement granting Saudi Arabia the right to manage all Yemeni economic institutions and control of natural resources and wealth, for a period of three years, for one billion dollars, it was disbursed as a high-interest loan from the Arab Monetary Fund.

Details indicate that Saudi Arabia reneged on its promises to deliver a financial grant of $2 billion to support the economy in Yemen, and transferred it as a high-interest loan to be disbursed through the Arab Monetary Fund, ensuring that this loan and its interest will be returned to the Arab Fund in a binding manner in the future. This is due to Saudi Arabia’s lack of confidence in the current authority, and fear of being calculated in the future in the cost of war.

Al-Alimi’s authority announced today, the signing of an agreement with the Arab Monetary Fund to support the economic reform program for Yemen worth one billion dollars, in the presence of the Saudi ambassador to Yemen, Muhammad Saeed Al Jaber, and the Saudi Minister of Finance.

Al-Alimi Authority did not disclose any details of this loan. However, the movements of the Saudi ambassador during the past periods, and the information stated by officials in Al-Alimi authority, confirm that the program will be under the supervision of the Arab Monetary Fund as a technical support body. and the Saudi Reconstruction Program as a supervisory body. The Saudi program, led by Al Jaber, will be concerned with what was described as economic and governance reforms. This means that he will be the supervisor and holder of full powers over Yemeni economic institutions and resources.

Sources confirm that this money will not be transferred to the Central Bank, but rather will be spent directly by the Saudi ambassador, Al Jaber, on the plans of the program, which brings to mind the story of the Saudi reconstruction program and the relief project.

Al Jaber announced that he had spent $17 billion on Yemen, while his projects were nothing but distributing a number of cartons of dates and painting schools with the Saudi flag.

Source link