Yemen Monitor/Dubai/Agencies:
Salem bin Breik, the Yemeni Minister of Finance, stated that his country is preparing to sign an agreement with the Arab Monetary Fund to reschedule its debts, including the repayment of some loans and installments.
He added that this step aims to improve the government’s financial situation and support economic reforms and development projects.
In an interview with the Emirates News Agency (WAM) during the Arab Finance Forum at the World Government Summit, Bin Breik highlighted the dual challenges facing the Yemeni economy, including internal challenges 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 pointed out that the suspension of oil exports, which previously accounted for about 65 percent of state revenues, has placed severe financial pressure on the national budget. In addition, security instability has negatively affected various economic sectors, further complicating the business environment in the country.
Regarding future plans, bin Breik mentioned that since August 2023, Yemen has been implementing a series of financial and monetary reforms, focusing on improving tax efficiency, enhancing non-oil revenues, and restructuring government spending.
He stressed 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.
