AMF signs a $1 billion agreement with Yeman to support economic reform

AMF signs a $1 billion agreement with Yeman to support economic reform

The Arab Monetary Fund backed by Saudi Arabia has signed a $1 billion agreement with the Yemeni government to boost its economy.

The deal aims to implement an economic, financial and monetary reform program that focuses on improving governance and transparency, expanding and diversifying production and decreasing the unemployment and poverty rate in Yemen.

Saudi Minister of Finance Mohammed Al-Jadaan in his statement said that within the framework of the program, Yemen’s financial and banking sectors will also be developed.

Through the reform, the government wants to develop public resources, control and rationalize government spending, improve efficiency, and support infrastructure in electricity, water and transport services.