The Minister of Planning and the Governor of the Central Bank discuss debt management and support for displaced persons with OPEC Fund and World Bank.
- Minister Al-Faqmi and Governor Al-Maabqi met with OPEC Fund President in Bangkok.
- Discussions included strategies for restructuring Yemen's debt amid ongoing financial challenges.
- They emphasized the need for urgent project approvals in food security and essential services.
- Over 200,000 citizens have been displaced since September due to Houthi military escalations.
Discussions on Financial Delays and Support for Yemen
Minister of Planning and International Cooperation, Mohammed Al-Faqmi, and Governor of the Central Bank of Yemen, Ahmed Al-Maabqi, met today with Dr. Abdulhamid Al-Khalifa, President of the OPEC Fund for International Development. They discussed strategies to address Yemen’s outstanding financial obligations, which would allow the fund to resume its activities in the country.
Meeting Highlights
The meeting took place during the annual meetings of the World Bank Group and the International Monetary Fund in Bangkok, Thailand. Participants explored options for restructuring Yemen’s debt, considering the exceptional circumstances the country faces and its ability to meet financial commitments. Additionally, they discussed funding for the completion of the Hassan Dam in Abyan Governorate before the rainy season, aiming to preserve the completed work.
Commitment to Support Yemen
Dr. Abdulhamid Al-Khalifa expressed the OPEC Fund’s readiness to provide technical support to Yemen and assist in engaging with other international financing institutions.
Accelerating Project Financing
Minister Al-Faqmi and Governor Al-Maabqi also met with Abdulaziz Al-Mulla, Executive Director of the World Bank Group. They focused on accelerating funding for priority projects and enhancing support to address the humanitarian and economic impacts of the recent Houthi escalation and threats to international navigation in the Red Sea and Bab el-Mandeb.
Urgent Project Approval
Al-Faqmi emphasized the need to expedite the approval of urgent projects, particularly in food security and essential services. He called for a stronger World Bank presence in the temporary capital, Aden, and urged greater flexibility in managing project portfolios to redirect resources toward the needs of displaced persons and affected areas.
Collaboration with the UNDP
Minister Al-Faqmi and Governor Al-Maabqi also discussed enhancing cooperation with Alexander De Croo, Director of the United Nations Development Programme (UNDP). They explored ways to support early recovery, assist displaced individuals, and improve basic services amid the humanitarian and economic challenges facing the country.
Humanitarian Crisis
Al-Faqmi noted that over 200,000 citizens have been displaced since September due to the military escalation by Houthi militias. He stressed the importance of including early recovery and livelihood support for the displaced in the joint response, alongside humanitarian aid. He highlighted the necessity of involving government institutions in project implementation to strengthen their management and sustainability capabilities in the future.
Ongoing Support from UNDP
The UN official confirmed that the development programme would continue its operations from the temporary capital, Aden, and provide technical support for the agreed-upon programme with the International Monetary Fund.
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