Yemen, WB in Finance Modernization deal

SANA'A, Dec. 22 (Saba) - The Finance ministry signed on Tuesday with the World Bank a $ 1million deal for funding preparatory activities
for the ministry modernization.

The grant is part of the WB contribution to the project that costs $ 15 million, $ 12 million out of which provided by the bank and the rest
from the government. The project due to be started in the third quarter of 2010 is
aimed at improving mechanisms and tools of preparing the public budget, fund control
and
supervision mechanisms and the accounting system. The deal was singed by deputy
prime minister for Economic Affairs, who is minister of Planning and International
Cooperation,
Abdul Karim al-Arhabi and Finance minister Noman al-Suhaibi and the WB's country
director Benson Ateng. After the signing, al-Arhabi said the finance modernization
project
is one of the top government's priorities, pointing to improvements in the financial
system including boosting transparency and the ministry's performance. He also
appreciated
the WB support for Yemen to carry out comprehensive administrate and financial
reforms. FR