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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 Arabia Reiterates Categorical Rejection of Israel’s Ongoing Attack against Palestinians, Relief Agencies

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
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Saudi Arabia Reiterates Categorical Rejection of Israel’s Ongoing Attack against Palestinians, Relief Agencies

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)

The Saudi government reiterated on Tuesday its categorical rejection of the Israeli forces’ ongoing attacks against civilians and humanitarian and relief agencies.

It called on the international community to assume its responsibilities towards these violations against the Palestinian people.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the cabinet meeting that was held in Riyadh.

The ministers were briefed on the telephone calls Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, held with Russian President Vladimir Putin and French President Emmanuel Macron.

They reviewed the talks held by senior Saudi officials with their counterparts from different countries, at bilateral and multilateral levels, with the aim of strengthening ties, intensifying efforts to open up new horizons in various fields and achieve aspired goals, and bolstering efforts exerted to tackle global challenges.

The cabinet tackled the outcome of the second meeting of the Saudi-French Ministerial Committee, and the efforts to strengthen cultural, tourism, and economic partnerships between AlUla and Paris, in view of the special relations between their countries and commitment to developing ties in all sectors.

The cabinet commended the outcome of the second meeting of the Ministerial Committee on Political, Security, Social, and Cultural Cooperation, established under the Saudi-India Strategic Partnership Council, which underscored the importance of coordination and cooperation on issues of common interest, particularly those related to economic development and international security and peace.

It reviewed the latest regional and international developments, focusing on the situation in the Palestinian territories.

The cabinet reiterated its concern over extremist Israeli statements about imposing sovereignty over the West Bank, and the construction and expansion of settlements.

These actions undermine peace efforts, threaten regional security and stability, and are a blatant violation of international laws and relevant UN resolutions, it warned.

Domestically, the cabinet hailed the support lent by King Salman to the current Riyadh Economic Forum, saying that the recommendations of the 11th session of the forum can be expected to give further impetus to the national economy and bolster the private sector's role in the Kingdom's comprehensive development.

The cabinet recognized the success of the "Cityscape Global 2024" exhibition held in Riyadh, which aligns with national goals and offers promising prospects to the real estate sector. The value of the transactions concluded at the exhibition surpassed SAR230 billion, with sales from local and international developers exceeding SAR20 billion. The exhibition attracted over 172,000 visitors, underscoring the success of the Kingdom's efforts to position itself as a global hub for exhibitions and conferences.

Moreover, the cabinet praised the outcomes of the "Jeddah Declaration", issued during the Fourth High-Level Ministerial Meeting on Antimicrobial Resistance, commending the initiatives and mechanisms that bolster the global commitment to a multifaceted approach in tackling global health challenges and seeking solutions through research, development, and innovation.

The cabinet said the Fourth Edition of the Saudi Green Initiative Forum, set for December 3-4, will be geared toward expediting efforts aimed at fostering a more sustainable future. The initiative has had concrete positive impacts on climate and environmental initiatives, helping boost the total capacity of renewable energy sources to over four gigawatts, planting about 95 million trees, and translocating 1,660 endangered animals across the Kingdom.