IMF declares suspension of Yemen loan amid Saudi airstrikes
The International Monetary Fund (IMF) has announced its indefinite suspension of a loan to Yemen, citing a “host of uncertainties” after Saudi Arabia’s military aggression against the country.
“Given the host of uncertainties surrounding Yemen at the moment, the first review... is postponed until the situation clarifies,” IMF spokesman William Murray said on Thursday at a regularly scheduled news conference.
Murray added that he could not state when the situation will improve enough to resume the loan package or estimate the economic impact of the Yemeni crisis in the region.
He said that he was not aware of any “recent contacts” between the IMF and the new Houthi-led administration in Yemen.
The IMF had approved a $552.9-million line of credit for Yemen back in September 2014 to assist the impoverished Arab nation to maintain its economic stability and promote inclusive growth.
The first installment of the three-year loan, about USD 74 million, was immediately made available to the then-US-backed government in Sana’a. The next payment was due in the first quarter of this year, following an IMF review of the loan-supported reform program.
The IMF announcement comes against the backdrop of airstrikes by Saudi Arabia on Sana’a as well as the northern city of Sa’ada and Ta’izz in the south on Thursday.
Based on early reports, the Saudi airstrikes have so far claimed the lives of 18 civilians with more deaths feared.
Despite Riyadh’s claims that it is attacking Ansarullah positions, Saudi warplanes have flattened a number of homes near the Sana’a International Airport.
The blatant invasion of Yemen’s sovereignty by the Saudi government comes as international bodies, especially the United Nations, remain silent regarding the issue. The UN has so far failed to show any reaction whatsoever to violation of the sovereignty of one of its members by Riyadh.
MFB/HSN
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