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| World Bank Headquarters in Washington, DC [PHOTO: Shiny Things/ Flickr/CC BY-NC 2.0] |
Washington: The World Bank has suspended operations in Yemen following a thorough review of the impact on Bank programs of recent political and security developments. The suspension applies to all projects financed by the International Development Association, the Bank’s arm for the world’s poorest countries, and Bank managed trust funds.
"The review was initiated in early February, 2015 and concluded that the situation in Yemen had deteriorated to the degree that the Bank was unable to exercise effective management over its projects. This decision was based on a significant decline in the ability of Bank staff to communicate and coordinate with government counterparts, and that many project locations have become inaccessible preventing full fiduciary and management oversight," the international financial institution said in a media release.
"The World Bank remains fully committed to supporting Yemen in addressing the urgent needs of it most vulnerable population and laying the foundations for sustainable and inclusive growth. The Bank will continue to monitor the situation closely and will lift the suspension as soon as conditions are reestablished that allow for full reengagement with government counterparts and appropriate supervision and fiduciary oversight," the release further said.
The Sana’a office of the World Bank was temporarily closed on February 18, 2015, as a precautionary measure in response to the rapidly changing security environment. A letter announcing the suspension of disbursement of funds to Bank programs has been issued to government authorities.