The Arab Monetary Fund supports the economic reform program in Yemen with one billion dollars

English - الأحد 27 نوفمبر 2022 الساعة 08:50 م
Aden, NewsYemen:

 On Sunday, the Republic of Yemen signed an agreement with the Arab Monetary Fund to support a comprehensive economic, financial and monetary reform program for Yemen, worth one billion dollars.

The agreement was signed by Finance Minister Salem bin Brik, Governor of the Central Bank of Yemen Ahmed Ghaleb Al-Maabqi, and Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman Al-Hamidi, in the presence of Saudi Finance Minister Muhammad Al-Jadaan, and the Kingdom’s ambassador and general supervisor of the Saudi Program for the Development and Reconstruction of Yemen Muhammad Al Jaber.

According to the Saba government agency, the program, which covers the period (2022-2025), aims to establish the foundations of economic, financial and monetary stability in Yemen, and to strengthen the state of public finances and the state's external position, rebuild its institutions and enhance its governance and transparency, in order to create the macroeconomic environment to expand and diversify the productive base, promote inclusive and sustainable economic growth, and create job opportunities, leading to putting the Yemeni economy on a more sustainable path, advancing the process of economic and social development, and reducing unemployment and poverty rates.

Finance Minister Salem bin Brik explained, in a press conference after the signing, the importance of this program in implementing economic reforms in the matrix, raising and mobilizing resources and building capacities in finance or the central bank, and it also contributes to raising oil and non-oil revenues, which will be reflected in the Yemeni economy.  Improving the lives of Yemeni citizens.

The minister drew attention to the terrorist attack on the oil export ports by the terrorist Houthi militia, which caused the loss of much revenue.

He pointed out that the difficult economic and financial conditions in Yemen negatively affected the citizen, explaining that this deposit and program came at the right time to address the economic, financial and revenue conditions in Yemen, appreciating the generous support provided by Saudi Arabia to Yemen in various aspects.

In turn, the governor of the Central Bank of Yemen said that the program is supported by the Kingdom of Saudi Arabia and the United Arab Emirates, pointing out that the signing of the program and its mechanisms has been completed, and a move will be made after that to discuss the legal aspects of the deposit agreement soon.