Yemen to sign debt rescheduling deal with Arab Monetary Fund: Finance Minister
Salem bin Breik, Yemen's Minister of Finance, said that his country is set to sign an agreement with the Arab Monetary Fund to reschedule its debt, including the repayment of certain loans and instalments.
This move is aimed at improving the government's financial position and supporting economic reforms and development projects, he added.
Speaking to the Emirates News Agency (WAM) during the Arab Fiscal Forum at the World Government Summit, bin Breik highlighted the dual challenges facing Yemen's economy, including internal shocks caused by more than a decade of conflict, as well as external pressures such as the COVID-19 pandemic and tensions in the Red Sea.
He noted that the suspension of oil exports, which previously accounted for approximately 65 percent of state revenues, has placed severe financial pressure on the national budget. Additionally, security instability has negatively impacted various economic sectors, further complicating the business environment in the country.
Regarding future plans, bin Breik stated that 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.
He affirmed that the Yemeni government is working closely with the Arab Monetary Fund to implement these reforms, with progress being assessed on a quarterly basis to ensure the achievement of key economic objectives.
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