Yemen’s Minister of Finance, Salem bin Breik, announced today that the Yemeni government is set to sign a significant debt rescheduling agreement with the Arab Monetary Fund (AMF). This agreement aims to improve Yemen's financial position and support ongoing economic reforms and development projects.

During the Arab Fiscal Forum at the World Government Summit, bin Breik highlighted the dual challenges facing Yemen’s economy: internal shocks from over a decade of conflict and external pressures such as the COVID-19 pandemic and Red Sea tensions. The suspension of oil exports, which previously accounted for approximately 65% of state revenues, has placed severe financial pressure on the national budget.

Since August 2023, Yemen has been implementing a series of financial and monetary reforms, focusing on improving tax efficiency, boosting non-oil revenues, and restructuring government spending. The Yemeni government is working closely with the AMF to implement these reforms, with progress being assessed on a quarterly basis to ensure the achievement of key economic objectives.

This agreement is a crucial step towards stabilizing Yemen's economy and paving the way for sustainable development and growth.