Arab Monetary Fund agreement supports reforms

CAIRO — The Arab Monetary Fund has signed a Us$1-billion agreement to support Yemen’s economic reform program to its Saudi-backed government, Saudi state media said on Sunday.

The new package by the Abu Dhabi-based fund, which includes countries from the Middle East and North Africa, will provide support for the Yemeni government’s efforts to stabilize the economy from 2022 to 2025, Saudi Ekhbaria TV reported.

The war between the Iran-aligned Houthi group and a Saudi-led coalition has brought Yemen’s economy to its knees and caused the world’s largest humanitarian crisis.

Inflation and foreign currency shortages have made food, water and fuel unaffordable for many in Yemen, which imports most of its needs.