Yemen Monitor / Newsroom:
Yemeni Finance Minister Salem bin Buraik stated in an exclusive interview with Al-Araby Al-Jadeed that the Yemeni government is working to obtain a loan from the International Monetary Fund (IMF), although the value has not yet been determined. He explained that negotiations with the Fund began about six months ago under Article IV, which requires consultations with member states.
Bin Buraik pointed out that a high-level delegation of Yemeni officials is currently in Washington, participating in five sessions with IMF and World Bank officials as part of the ongoing Spring Meetings. These sessions aim to discuss financial conditions and consult on economic reforms and policies. The minister affirmed that the outlines of the plans and support will become clearer in the coming months once the negotiations are concluded.
The Yemeni government has also presented a five-year vision to address economic challenges, particularly the depreciation of the Yemeni rial, which includes financial and administrative reforms. In this context, Bin Buraik noted that the amount to be requested from the IMF has not yet been determined, but he expects that the required commitments will be completed within three to six months, paving the way to begin negotiations on the required amounts and the country’s needs.
Regarding the debt issue, the minister revealed that Yemen’s total debt does not exceed six billion dollars. He mentioned that after the government relocated from the capital, Sana’a, to Aden, it sought assistance from IMF experts to estimate the size of the external debt. He confirmed that available information shows the external debt does not exceed six billion dollars, with estimates ranging between $5.5 and $5.7 billion.
On the efforts to relieve external debt and support the economy, Bin Buraik said the government made such requests during the Paris Club meetings over the past two years. He confirmed continued assistance from coalition countries such as Saudi Arabia and the UAE, including a $1 billion grant to support the general budget in December 2024.
In conclusion, the minister expressed concern about the potential reduction in support from the World Bank in sectors such as health and education, especially given the current disruptions in international aid programs.
