Almotamar.net - The International Monetary Fund (IMF) has revealed a programme for supporting Yemen over three years with a value of $369.8 million within the frame of the more extensive plan for the medium term development which the Yemeni government has drawn up. The Yemeni plan concentrates on accelerating the rate of growth outside the oil sector along with keeping an inflation rate within moderate levels and placing the public revenues on a more solid track in the medium range.

In a document titled “ Yemeni Republic- Programme Memorandum” , Almotamar.net obtained , the IMF announced the new programme supports an agreement with the IMF under extended credit facility and gained the agreement of the of the Fund’s executive council on 30 July 2010.

The IMF said that in a move for facing the deterioration of the economic situating in the country the Yemeni government has drawn up the broad lines of a reform programme aimed at facing the possibility of drop in the oil revenues and giving a push to public investments and social spending.

The reforms the programme targets focus on three main issues; the first is the subsidy of fuel. The government has already; the second issue is the enhancement of political reforms, taxes and the taxation and taxation administration for limiting the country’s dependence on oil sector.

According to the IMF document the third issue the reforms focus is the containment of is containment of the unnecessary current expenditures in order to change the current spending to capital spending and social transfers.