Yemen is set to receive $553 million in financial assistance from the IMF over the next three years to help the Gulf state with macroeconomic stability and growth.

The International Monetary Fund said Yemen has launched an "ambitious" program to address high unemployment and widespread poverty. The IMF approval allows the immediate disbursement of about $74 million.

The country's finance minister in August said Yemen had reached agreement with the IMF on the loan after the government cut fuel subsidies and ordered curbs on public spending. – Reuters