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World Bank, Yemeni Govt. to Boost Central Bank Abilities, Stabilize Exchange Rate

World Bank, Yemeni Govt. to Boost Central Bank Abilities, Stabilize Exchange Rate

Monday, 9 September, 2019 - 06:15
Yemeni Minister of Planning and International Cooperation Najib al-Auj

The Yemeni government said on Sunday it reached an agreement with the World Bank on enhancing the abilities of the country’s Central Bank to stabilize the exchange-rate.

Yemen's Minister of Planning and International Cooperation, Najib al-Auj told Asharq Al-Awsat that the agreement reached with the World Bank also stipulates encouraging Yemeni investors currently outside of the country to return to the local market.

According to the minister, the agreement also plans to offer investment insurances through the Investment Guarantee Agency (MIGA) and to arrange for an expanded meeting for the Yemeni investors in the presence of the World Bank and MIGA to boost the sum of aids that needs to be provided in the next phase.

“We agreed with the World Bank and its linked institutions on enhancing the abilities of the Yemeni Central Bank to achieve a stability in the exchange-rate by channeling international aids through official monetary networks,” Auj said.

He added that the World Bank already agreed on intervening in Taiz, however, projects were placed on hold due to the latest security developments in the province.

The Yemeni Minister said meetings were held with the United Nations Development Project to prepare a 2019-2021 plan and a national report for following-up towards reaching the Sustainable Development Goals (SDGs) by 2030.

Al-Auj said new channels were opened with the Saudi Program for the Development and Reconstruction of Yemen to fund electricity and educational projects in the provinces of Lahj and Abeen, in addition to an agreement with the Kuwaiti Fund to finance development projects in Aden.

Last May, the minister had pointed out that government reconstruction data indicates that the country needs an estimated $28 billion in the short term and around $60 billion over the long term.

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