On the 25 th of December 2014 the Yemen Microfinance Network (YMN) organized a workshop funded by the Social Fund of Development (SFD) in Sana’a. The workshop was aimed at providing information to the media and journalists on the Microfinance sector and its operations that include the services offered by MF banks and institutions.
The workshop was attended by over 30 journalist from various media and PR firms. Mr. Osama Al-Shami Head of SMED Unit at the SFD explained that the total number of active creditors and depositors reached 672,517 with around 707,728 of accumulated loans offered. On the other hand the total accumulated value of those loans reached 68 billion and 987 million YER.
The YMN chairman of Board of Directors Mr. Muhammed Allai highlighted the difficulties the microfinance industry in Yemen face. He also emphasized the dire need for the government to adopt the SME In order to meet the needs of the high education outcomes and alleviate poverty in order to speed up the development rather than depending fully on the treasury bills policy which is a tool to increase the inflation which will lately lead to economic recession.
Mr. Allai insisted on the importance of reviewing the government monetary policy in order to better utilize the high liquidity available with the commercial banks and the General Organization for Social Insurance to support the SME sector and therefore create more jobs.
The YMN managing director Mr. Ali Abutaleb ended the workshop by affirming that the YMN’s strategy for the coming years
