Arab Monetary Fund allocates $1 bn to Yemen


November 28, Fineko/ The Arab Monetary Fund has signed a $1 billion agreement to support Yemen's economic reform programme to its Saudi-backed government, ABC.AZ reports with reference to Yemen’s news agency Saba.

The reform program is designed for 2022-2025 and is aimed at strengthening the financial system, restoring state institutions, diversifying the production base, promoting comprehensive economic growth, sustainable development, as well as creating new jobs.

At the signing ceremony, the Yemeni side was represented by Finance Minister Salem Saleh ben Break. As he pointed out at a press conference, the planned changes will contribute to "an increase in oil production, as well as non-oil revenues to have positive impact on the economy of Yemen and the lives of its citizens".

Chairman of the Board of Directors of the Arab Monetary Fund Abdurahman Abdullah Al-Hamidi, for his part, stressed "the importance of the signed agreement for the promotion of economic reforms in Yemen and the restoration of financial and monetary institutions". He expressed confidence that the reforms will help "reduce the unemployment rate and raise the standard of living".