AMF And Palestinian Government Finalise Governance Document For Saudi Financial Support Program

The Arab Monetary Fund (AMF) and the Palestinian government, under the auspices of the Saudi Ministry of Finance, have signed a letter of intent. This agreement outlines the governance of financial support from Saudi Arabia to Palestine. The signing took place during the International Monetary Fund (IMF) and World Bank Group (WBG) annual meetings in Washington.

Saudi Arabia's assistance aims to bolster vital sectors and economic reforms in Palestine. The focus is on enhancing domestic revenue, managing current expenditures, improving governance, and increasing transparency. These efforts are intended to strengthen the Palestinian economy amid ongoing challenges.

Minister of Finance Mohammed Al-Jadaan highlighted the severe economic damage faced by Palestine due to its current crisis. He stated that Saudi Arabia provides monthly financial aid to alleviate this damage. A clear governance mechanism ensures that this support effectively addresses the economic slowdown.

The Palestinian Monetary Authority Governor, Dr. Feras Milhem, expressed gratitude for Saudi Arabia's continuous support. He acknowledged their role in helping Palestinians overcome economic difficulties.

The Palestinian Ministry of Finance has pledged full cooperation with AMF in overseeing fund disbursements. They will monitor progress on implementing agreed reforms and provide necessary reports to AMF and the Saudi Ministry of Finance as per the document's guidelines.

This collaboration aims to ensure that financial aid is used efficiently and transparently. It also seeks to foster a conducive business environment in Palestine, aiding long-term economic stability.

The agreement signifies a commitment to addressing Palestine's economic challenges through structured support and reform initiatives. This partnership underscores the importance of regional cooperation in tackling shared economic issues.

With inputs from SPA