IMF $300 million loan to Aden CB branch makes it a war tool: Sanaa

By Al Mayadeen English
Source: Agencies
19 Nov 2022 22:46
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Sanaa Central Bank says the IMF's approval to finance the bank's branch in Aden with $300 million of Yemen's SPR makes the fund an accomplice and a tool in the war on Yemen.

Yemeni Central Bank HQs in Sanaa

The Central Bank in Sanaa said the International Monetary Fund's approval to direct $ 300 million to the central bank's branch in Aden makes the fund one of the tools of economic warfare by financing the war on Yemen.

The Bank added in a statement, "We followed the statements in the media of people who do not have the legal capacity to represent Yemen regarding the approval of the International Monetary Fund to transfer to the branch of the Central Bank in Aden with $300 million of Yemen's special drawing rights, which will be credited as a loan."

The statement pointed out that "granting the authority to dispose of the amount of Special Drawing Rights (SDR) to the branch of the bank which lies under the control of the countries of aggression, reveals the contradiction of the policies and decisions of the International Monetary Fund and its double standards based on its political agendas."

"Directing the amount to the branch in Aden makes the fund one of the tools of economic warfare by financing the war on Yemen, pushing the national economy toward collapse, and violating the rules and requirements of combating money laundering and terrorist financing," the statement said.

The statement continued, "We have previously addressed the International Monetary Fund with our objection to enabling the branch of the Central Bank in Aden to use the drawing rights of the Republic of Yemen, which imposes illegal financial obligations on the Yemeni people."

"In the interest of the rights of the people and in order to prevent damage to the economy, we called on the Fund to the direct management of the drawing rights to a third party to be used in financing commodity imports and paying salaries, paying back some of the local public debt to banks to enable them to pay depositors' money, or stopping disposing of it until the end of the aggression," the Bank stated.

The Central Bank also pointed out that "in the event that the IMF rejects any of the aforementioned demands, we reaffirm our total rejection of any decision it takes on the Special Drawing Rights for Yemen, and we absolve ourselves of any burdens that will result from the Fund's decisions."

The statement stressed that "the Republic of Yemen reserves its legal right to hold accountable and prosecute any party or entity that works, facilitates, or contributes to the exploitation and waste of Yemen's rights and capabilities and incurs financial obligations used to finance the war on Yemen."