The Arab Monetary Fund (AMF) and the Palestinian government have signed a letter of intent for the governance of the financial support program provided by the Kingdom of Saudi Arabia to the Palestinian government.
The LoI was signed under the patronage of the Saudi Ministry of Finance on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington.
The document stipulates the governance mechanism of Saudi Arabia’s assistance to the Palestinian people, in support of vital sectors and economic reforms that strengthen the Palestinian economy and help it meet the economic challenges of the current crisis by improving the domestic revenue, controlling current expenditures, enhancing governance and public finance management efficiency, increasing transparency, and developing the business environment.
At the signing ceremony, Minister of Finance Mohammed Al-Jadaan said that the crisis the State of Palestine is going through has caused severe economic damage that has led to economic contraction, so the Kingdom intervenes to provide monthly financial support to help mitigate this damage, while ensuring a clear governance mechanism that guarantees that the support contributes effectively to addressing the economic slowdown.
Palestinian Monetary Authority Governor Dr. Feras Milhem expressed the Palestinian government’s appreciation for the unremitting support provided by the Kingdom of Saudi Arabia to the people of Palestine, and for helping them overcome the existing economic challenges.
The Palestinian Ministry of Finance reaffirmed its commitment to exerting all effort to enable AMF to oversee and follow up on disbursements of support for the agreed items, and monitor the progress in implementing the program’s reforms, and cooperate fully to provide AMF and the Saudi Ministry of Finance with all reports on progress in implementation, in accordance with the mechanism set out in the document.
