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Saudi Arabia Sponsors Comprehensive Economic Reform in Yemen with $ 1Bln

The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (Saba News Agency)
The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (Saba News Agency)
    Riyadh –Omar al-Badwi – Aden – Mohammed Nasser
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Saudi Arabia Sponsors Comprehensive Economic Reform in Yemen with $ 1Bln

The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (Saba News Agency)
The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (Saba News Agency)

Sponsored by Saudi Arabia, the Arab Monetary Fund (AMF) signed a $1 billion agreement to support Yemen's economic reform program. The new package will help rebuild institutions and strengthen governance and transparency.

Together with the signing of the agreement, the Yemeni rial’s exchange rate in the interim capital, Aden, and other liberated areas witnessed remarkable improvement against foreign currencies, money exchangers told Asharq Al-Awsat.

The agreement was signed in the presence of Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan and Saudi Ambassador to Yemen, Mohammed Al Jaber, who is also the Supervisor General of Saudi Development and Reconstruction Program of Yemen (SDRPY).

The Yemeni finance minister, the central bank governor and the AMF chairman signed the agreement in the headquarters of the Saudi finance ministry in Riyadh.

The program is set to provide support for the Yemeni government's efforts to stabilize the economy from 2022 to 2025.

It aims to establish the foundations of economic, financial, and monetary stability in Yemen.

AMF Director General Chairman of the Board Abdulrahman Al Hamidy valued Saudi Arabia’s support to achieve economic, monetary, and financial stability in the countries of the region and abroad.

Al Hamidy noted that Saudi Arabia’s active membership in the G20 has strengthened the Kingdom’s international role, making it the largest supporter of Arab and regional financial institutions.

According to Al Hamidy, the program also focuses on a package of reforms aimed at strengthening the financial position of the Yemeni government, developing the financial and banking sector, creating an enabling environment to enhance the role of the private sector, and involving it in the process of sustainable economic development.

Salem Saleh Bin Braik, the Yemeni finance minister, reaffirmed that Saudi Arabia’s support for Yemen is longstanding.

Braik pointed out that Saudi Arabia’s support comes at a time when Yemen and its people are in dire need, especially considering the Houthi terrorist group’s insistence on inflicting more hardships on Yemenis.

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Mediator Qatar Says Israel ‘Did Not Abide’ by Gaza Truce Deal

Russian President Vladimir Putin, right, meets with Qatar's Emir Sheikh Tamim bin Hamad Al-Thani, left, at the Grand Kremlin Palace in Moscow, Russia, Thursday, April 17, 2025. (Alexander Nemenov/Pool Photo via AP)
Russian President Vladimir Putin, right, meets with Qatar's Emir Sheikh Tamim bin Hamad Al-Thani, left, at the Grand Kremlin Palace in Moscow, Russia, Thursday, April 17, 2025. (Alexander Nemenov/Pool Photo via AP)
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Mediator Qatar Says Israel ‘Did Not Abide’ by Gaza Truce Deal

Russian President Vladimir Putin, right, meets with Qatar's Emir Sheikh Tamim bin Hamad Al-Thani, left, at the Grand Kremlin Palace in Moscow, Russia, Thursday, April 17, 2025. (Alexander Nemenov/Pool Photo via AP)
Russian President Vladimir Putin, right, meets with Qatar's Emir Sheikh Tamim bin Hamad Al-Thani, left, at the Grand Kremlin Palace in Moscow, Russia, Thursday, April 17, 2025. (Alexander Nemenov/Pool Photo via AP)

Qatari Emir Sheikh Tamim bin Hamad Al-Thani said Thursday that Israel had failed to respect January’s ceasefire agreement in Gaza, as he met with Russian President Vladimir Putin in Moscow.

“As you know, we reached an agreement months ago, but unfortunately Israel did not abide by this agreement,” said the ruler of Qatar, a key mediator of the deal.

A truce in Gaza between Israel and Hamas, brokered by Qatar with Egypt and the United States, came into force on January 19, largely halting more than 15 months of fighting triggered by Palestinian fighters’ October 7, 2023 attack on Israel.

The initial phase of the truce ended in early March, with the two sides unable to agree on the next steps. Israel resumed air and ground attacks across the Gaza Strip on March 18 after earlier halting the entry of aid.

Israel said Wednesday that it had converted 30 percent of Gaza into a buffer zone in the widening offensive.

Sheikh Tamim said Qatar would “strive to bridge perspectives in order to reach an agreement that ends the suffering of the Palestinian people, especially in Gaza.”

Putin recognized Qatar’s “serious efforts to resolve the Palestinian-Israeli conflict” and called deaths in the conflict “a tragedy.”

“A long-term settlement can only be achieved on the basis of the UN resolution and first of all connected to the establishment of two states,” he added.

Israel’s renewed assault has so far killed at least 1,691 people in Gaza, the health ministry in the Hamas-run territory reported, bringing the overall toll since the war erupted to 51,065, most of them civilians.

Hamas’s October 2023 attack on Israel resulted in the deaths of 1,218 people, also mostly civilians, according to an AFP tally based on official Israeli figures.