Arab Monetary Fund Supports Yemen with $1 Bln

Yemen's government and the Arab Monetary Fund signed an agreement to support a comprehensive economic, financial, and monetary reform program in the war-torn Arab country worth $1 billion, with support from Saudi Arabia and the UAE.

The reform program aims to "establish the foundations of economic, financial and monetary stability in Yemen, strengthen the state's public finances and 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."

Among its objectives is "promoting comprehensive and sustainable economic growth and creating job opportunities, which leads to putting the Yemeni economy on a more sustainable path, advancing economic and social development, and reducing unemployment and poverty rates."

In a press conference following the signing, the Yemeni Foreign Minister touched on "the terrorist attack on the oil export ports by the Houthi militia (the 'Ansar Allah' group), which caused the loss of much revenue."

He stressed that the difficult economic and financial conditions in Yemen have negatively affected the citizen," considering that this deposit and program came at the right time to address the economic, financial and revenue conditions in Yemen, and to revive the national economy.

In turn, Abdul Rahman Al-Hamidi, the Chairman of the Board of Directors of the Arab Monetary Fund, said that the agreement is important in promoting economic reforms and rebuilding financial and monetary institutions in Yemen, strengthening and strengthening governance and transparency frameworks, and ensuring a diversified package in the areas of financial and economic reforms.

Yemen is witnessing a severe economic and living crisis, which was evident in the collapse of the local currency, as the exchange rate of one dollar exceeded 1,170 riyals in government-controlled areas, compared to 215 before the outbreak of the war.