Arab Monetary Fund signs $1 bln agreement to support Yemeni government reforms

The Arab Monetary Fund (AMF) supported by Saudi Arabia signed, on Sunday, an agreement with the Yemeni government. It aims to implement a comprehensive economic reform program in Yemen worth one billion US dollars.

In conjunction with the signing of the agreement, the Yemeni currency in Aden and the rest of the liberated areas witnessed a remarkable improvement against foreign currencies.

The program seeks to establish the foundations of economic, monetary, and financial stability in Yemen. It will strengthen the state of public finances, rebuild its institutions, enhance governance and transparency, and improve the conditions of the Yemeni people.

Abdul Rahman Al-Hamidi, Director of the Arab Monetary Fund, hopes that the Saudi deposit will achieve its goals through the comprehensive economic reform program, put it into practice, and build a consensual implementation mechanism, pointing to the role of the fund in facilitating the task and providing support.

Yemeni Finance Minister indicated that Saudi Arabia’s support comes at a time when Yemen and its people desperately need it, especially in light of the Houthi terrorist group’s insistence on inflicting more hardships on the Yemenis, the latest of which was the attack on the export ports of Al-Nashima and Al-Dhaba, which caused Yemen to lose a lot of revenue.

In conjunction with the signing of the agreement, the price of the Yemeni riyal improved significantly. On Sunday, the US dollar reached 1080 riyals instead of 1248 riyals two days ago. Money changers expected that the market would witness further improvement in the coming days.