February 26, 2024

Saudi Arabia sponsors $1bn economic reform in Yemen

UAE-based Arab Monetary Fund (AMF) and the Yemeni government have signed an agreement worth $1 billion in order to support the comprehensive financial and economic reforms in Yemen.

The agreement was signed in the presence of Saudi Arabia’s Minister of Finance Mr. Mohammed Al-Jadaan and Saudi Ambassador to Yemen Mr. Mohammed Bin Saeed Al Jaber, who is also the Supervisor General of Saudi Development and Reconstruction Program of Yemen (SDRPY).

The SDRPY revealed that the agreement aims to establish foundations of stability in Yemen’s financial, economic and monetary, and also to rebuild its institutions and enhance its governance and transparency.

The agreement also aims to strengthen comprehensive and sustainable economic growth and create job opportunities to reduce unemployment and poverty rates.

Saudi Arabia’s supervision of the agreement came as an extension of its efforts to support the Yemeni government to stabilize the financial and economic conditions.

The Kingdom supported Yemen in 2012 with $1 billion, and $2.2 billion in 2018, in addition to $1 billion in 2022. This deposit from the Kingdom has resulted in an increase in the reserves of the Central Bank of Yemen, in addition to stabilizing exchange rates and supporting the local currency’s value.

“It has also resulted in the increase of the main goods export quantity, stabilizing the general level of main goods prices, supported the private sector, and also advanced the living conditions of the Yemeni people,” as per the statement.

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