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May 30 2012

Yemen Needs $15B For Econ Recovery; Seeks More Aid -Report

Wednesday, May 30, 2012

BEIRUT (Zawya Dow Jones)--Yemen, which needs $15 billion to set its economy back on track, is seeking more financial aid in the next donors' conference on June 27 and 28, pan-Arab daily Al Hayat reports Wednesday citing Mohammed Al Saadi, the country's planning and international cooperation minister.

The Friends of Yemen meeting that was recently held in Riyadh has pledged $4 billion in financial aid, Saadi said according to the paper, adding that his country had asked the donors for $10 billion to bridge the financing gap and achieve some economic stability during the transition period in the next two years.

Yemen will allocate the $3.25 billion pledged by Saudi Arabia during the Riyadh conference for key development projects specifically in the sectors of electric power, water, healthcare, and reconstruction, the daily quotes Saadi as saying.

Newspaper website: http://alhayat.com/Details/406375

-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

30-05-12 0640GMT


© Copyright Zawya. All Rights Reserved.


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