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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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Saudi-Chinese-Iranian Joint Tripartite Committee Meets in Riyadh

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
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Saudi-Chinese-Iranian Joint Tripartite Committee Meets in Riyadh

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)

The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement was held in Riyadh on Tuesday.

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi.

The Saudi and Iranian sides reiterated their commitment to implementing the Beijing Agreement in all its provisions and their continued effort to consolidate neighborly relations between their countries by respecting the Charter of the United Nations and the Charter of the Organization of Islamic Cooperation, and international law. This includes respecting the sovereignty, independence, and security of states.

Saudi Arabia and Iran welcomed the continued positive role played by China and the importance of its support and follow-up on the implementation of the Beijing Agreement that was signed in March 2023.

China underscored its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.

The three countries welcomed the continued progress in Saudi-Iranian relations and the opportunities it provides for direct communication between the two countries at all levels and sectors.

They noted the great importance of these contacts, meetings and mutual visits between high officials from the two countries, especially in light of the current regional tensions and escalation that threaten the security of the region and world.

The officials welcomed the progress of consular services between the two countries, which allowed more than 87,000 Iranian pilgrims to perform the Hajj and more than 52,000 Iranians to perform the Umrah with ease and security during the first ten months of 2024.

They welcomed the first meeting of the Saudi-Iranian joint Media Committee and the signing of a Memorandum of Understanding (MoU) between the Prince Saud Al-Faisal Institute for Diplomatic Studies and the Institute of Political and International Studies of the Iranian Ministry of Foreign Affairs.

Saudi Arabia and Iran additionally expressed readiness to sign a Double Taxation Avoidance Agreement (DTAA). Along with China, they look forward to expanding cooperation among them in various fields including economic and political.

The three countries called for an immediate end to the Israeli assault against Palestine and Lebanon, condemning its attacks and violations of Iran’s sovereignty and territorial integrity.

They further called for the uninterrupted flow of humanitarian aid and relief to Palestine and Lebanon, warning that the continuing cycle of violence and escalation is a serious threat to the security of the region and world.

The three countries reiterated their support for a comprehensive political solution in Yemen in line with internationally recognized principles under the auspices of the United Nations.