$114 million dollars in loans for Yemen

The International Monetary Fund announced that it will grant Yemen $114 million dollar in easy loans for economic reform projects to support Yemen's conversion to a market economy.

A statement issued by the regional official for the World Bank in Cairo said it has agreed to grant Yemen loans and credit aid worth $64 million.

"These loans come as part of a 13-year program with a total value of $506 million that started in 1997, so far offering almost $209 million of these loans to Yemen.

Of these loans are $169 million must be paid in 10 years after a five-and-a-half-year grace period at an annual rate 1.5%, and the remainder, $4 million has only a four-and-a-half-year grace period.

The statement also said that the IMF decided to grant Yemen $50 million to reform the sector #!of the international development corporation affiliated to the fund.