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REPUBLIC OF YEMEN
September 12, 1997
International Development Association
1818 H Street, N.W.
Washington, D.C. 20433
United States of America
Re:
Interim Fund Credit No. N034-YEM
(Seeds and Agricultural Services Project)
Payment of Contracts
Dear Sirs:
We refer to Sections 2.28 through 2.33 of the Guidelines for Procurement under
IBRD Loans and IDA Credits published by the International Development Association (the
“Association�) in January 1995. Until such time as the official rate of exchange of
the Yemeni Rial is equivalent to the market rate of exchange, we agree that contracts
to be financed by the Administrator under the above-referenced Interim Fund Credit
will be entirely expressed in a currency or currencies widely used in international
trade.
Moreover, in the event that a portion of such contracts may be paid in Yemeni
Rials, that portion shall not exceed the amount to be financed by us. We further
agree that the market rate of exchange prevailing on the date of payment shall apply
for the purposes of calculating the payments for any portion of such contracts to be
paid in Yemeni Rials.
Very truly yours,
REPUBLIC OF YEMEN
By /s/ Abdulwahab Al-Hajjri
Authorized Representative
CONFIRMED:
INTERNATIONAL DEVELOPMENT ASSOCIATION as Administrator of the interim trust
fund established with funds contributed by certain members of International
Development Association pursuant to Resolution No. IDA 184 of the Board of
Governors of International Development Association
By /s/ Inder K. Sud
Acting Regional Vice President
Middle East and North Africa