Sana'a Bank: Granting the authority to act to the Bank of Aden reveals the contradiction of the IMF's policies

19 November, 2022
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Sana'a Bank: Granting the authority to act to the Bank of Aden reveals the contradiction of the IMF's policies

The Central Bank in Sana'a said that 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 the economic war, by financing the war on Yemen.


And the bank added in a statement: "We followed the statements reported by the media of people who do not have a legal capacity to represent Yemen, regarding the International Monetary Fund's approval to feed the central bank branch in Aden with $300 million from Yemen's special drawing rights, which will be recorded as a loan."


The statement pointed out that "giving the authority to dispose of the amount of special drawing rights to the bank branch under the control of the countries of aggression reveals the contradiction of the policies and decisions of the International Monetary Fund, and the duality of its dealings according to political agendas."


It stressed that "directing the amount to the central bank branch in Aden makes the fund one of the tools of the economic war by financing the war on Yemen, pushing the national economy towards collapse, and violating the rules and requirements of combating money laundering and financing terrorism."


And 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 special drawing rights of the Republic of Yemen, which imposes illegal financial obligations on the Yemeni people."


The Central Bank indicated that “in order to preserve the rights of the people and neutralize the economy, we asked the Fund to manage the drawing rights through a third party to use their value in financing commodity imports, paying salaries, or part of the value of the local public debt to banks to enable them to pay depositors’ money, or stop disposing of them to when the aggression ends.


It also pointed out that "in the event that the International Monetary Fund rejects any of the aforementioned demands, we reaffirm our total rejection of any decision taken by it regarding the Special Drawing Rights for Yemen, and we release our responsibility from 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 entity or party that works, facilitates or contributes to the exploitation and waste of Yemen's rights and capabilities, and imposes financial obligations on it that are used to finance the war on Yemen."


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