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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 Foreign Minister Leads Kingdom’s Delegation at G20 Summit

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah holds discussions with officials on the sidelines of the G20 summit. (SPA)
Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah holds discussions with officials on the sidelines of the G20 summit. (SPA)
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Saudi Foreign Minister Leads Kingdom’s Delegation at G20 Summit

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah holds discussions with officials on the sidelines of the G20 summit. (SPA)
Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah holds discussions with officials on the sidelines of the G20 summit. (SPA)

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah is heading the Kingdom's delegation at the G20 summit in Brazil, which began Monday and runs for two days.

Representing Prince Mohammed bin Salman, Crown Prince and Prime Minister, Prince Faisal arrived in Rio de Janeiro on Sunday. The delegation includes Finance Minister Mohammed Al-Jadaan and Deputy Minister Abdulmohsen Al-Khalaf, Saudi Arabia’s G20 Sherpa.

The delegation is attending G20 summit meetings to address global political and economic challenges and promote international cooperation for prosperity.

The G20 accounts for 90% of global GDP, 80% of world trade, and two-thirds of the global population.

The G20 summit kicks off with the launch of the Global Alliance Against Hunger and Poverty and a session on “Reforming Global Governance.”

On the second day, leaders will discuss “Sustainable Development and Energy Transitions,” followed by an official lunch, bilateral meetings, and a closing ceremony where Brazil will hand over the G20 presidency to South Africa.

Al-Jadaan emphasized the Kingdom’s commitment to multilateral cooperation to achieve sustainable development, stabilize the global economy, and tackle challenges faced by developing and low-income nations.

He noted that Saudi Arabia’s participation highlights its rapid economic growth and global influence. Al-Jadaan also praised Brazil’s efforts to lead the summit under the theme, “Building a Just World and a Sustainable Planet.”

The minister outlined Brazil’s main priorities for this year’s G20 presidency: tackling hunger and poverty, reforming global governance, and promoting sustainable development. These align with the group’s focus on multilateralism, food security, and global growth.

The G20 has played a key role in past crises, including the 2020 summit hosted by Saudi Arabia during the COVID-19 pandemic and that helped stabilize the global economy and support struggling nations.

Formed in 1999 after the Asian financial crisis, the G20 includes 19 countries, the EU, and the African Union, representing major global economies like the US, China, India and Saudi Arabia.

South Africa will lead the group in 2025, followed by the US in 2026.