GCC Foreign Ministers vow to support Yemeni development
June 23, 2010
The Foreign Ministers of the Gulf Cooperation Council (GCC) concluded their 5th Joint Ministerial Meeting in Manama yesterday under the chairmanship of Yemeni Foreign Minister Dr. Abu Bakr Al-Qirbi. The Saudi delegation to the meeting was led by Minister of State for Foreign Affairs Dr. Nizar bin Obaid Madani.
In a press statement issued following the session, the foreign ministers stressed the importance of strengthening security and stability in Yemen and helping it to achieve prosperity. They praised the Yemeni government’s efforts to encourage national unity and dialogue, as part of a strategy to protect the country’s territorial integrity.
According to the statement, the GCC ministers were briefed by Foreign Minister Al-Qirbi on the need for an urgent program, in coordination with the World Bank and the International Monetary Fund, to finance Yemen’s budget deficit, which has reached $2.6 billion, in order to maintain economic and financial stability.
The ministers also listened to a report from the GCC Secretary General on the progress of GCC-Yemeni cooperation, particularly in the field of development. The GCC states, along with regional funds, pledged approximately $3.7 billion to finance projects from 2007-2010, and an additional $3.2 billion has been allocated to finance 60 projects involving electricity, roads, seaports, airports, hospitals, technical education and training institutes, a Social Development Fund, and public works programs.