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Arab Monetary Fund to support reforms in Yemen

28.11.2022 ТАСС 125 просмотров

The Arab Monetary Fund has allocated $1 billion to Yemen to support reforms.

Yemen and the Arab Monetary Fund (AWF) signed an agreement on Sunday to provide the republic with $ 1 billion for the implementation of economic, financial and currency reforms.

According to the Yemeni government 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 transformations will contribute to "an increase in oil production, as well as non-oil revenues, which will have a positive impact on the economy of Yemen and the lives of its citizens."

Chairman of the Board of Directors of the AWF 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."

The Yemeni reform program is supported by Saudi Arabia and United Arab Emirates. Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan attended the signing ceremony.

The Arab Monetary Fund is a regional financial organization established in 1976. Its important task is to achieve greater stability of the exchange rate, coordination of the economic and monetary policy of the Arab countries.

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