Arab Monetary Fund To Provide $1 Billion To Support Yemen’s Economic Reform

The Arab Monetary Fund has signed a $1 billion agreement to support Yemen’s economic reform program under the sponsorship of Saudi Arabia. The program focuses on a reform package “aimed at strengthening the fiscal position of the Yemeni government, developing the financial and banking sector, and creating an enabling environment to enhance the role of the private sector while scaling up its role in achieving sustainable economic development,” according to a statement issued by the Abu Dhabi-based fund, which includes countries from the Middle East and North Africa. Yemen’s Saudi-backed government has affirmed its commitment to the reform and implementing the program. The humanitarian crisis brought on by the long-running conflict between the Iran-backed Houthis and Yemen’s Internationally Recognized Government is considered the largest in the world. Between 2001 and 2022, Saudi Arabia has led the list of donor countries to Yemen, providing 30% of total support.