The Arab Monetary Fund and the Palestinian government have signed a letter of intent for the governance of financial support provided by Saudi Arabia to the Palestinian government. This signing took place during the annual meetings of the International Monetary Fund and the World Bank Group in Washington. The aim of this financial support program is to support vital sectors in Palestine and implement economic reforms to strengthen the Palestinian economy. Efforts will be made to help the Palestinian government meet economic challenges by improving domestic revenue, controlling expenditures, enhancing governance and public finance management efficiency, increasing transparency, and developing the business environment.
Minister of Finance Mohammed Al-Jadaan highlighted the severe economic damage caused by the crisis facing Palestine, leading to economic contraction. In response, Saudi Arabia provides monthly financial support to help mitigate this damage, with clear governance mechanisms in place to ensure the support effectively addresses the economic slowdown. Palestinian Monetary Authority Governor Dr. Feras Milhem expressed gratitude for Saudi Arabia’s unwavering support and acknowledged its role in helping the Palestinian people overcome existing economic challenges. The Palestinian Ministry of Finance reaffirmed its commitment to enabling the Arab Monetary Fund to oversee and follow up on the disbursement of support for agreed-upon items, monitoring the progress of implementing the program’s reforms, and cooperating fully with the AMF and the Saudi Ministry of Finance by providing necessary reports on implementation progress.
This financial support program aims to strengthen the Palestinian economy by supporting vital sectors and implementing economic reforms. Efforts will focus on improving domestic revenue, controlling expenditures, enhancing governance and public finance management efficiency, increasing transparency, and developing the business environment. The goal is to help the Palestinian government meet economic challenges, mitigate economic damage caused by the crisis, and address economic slowdown effectively. The commitment of the Palestinian Ministry of Finance to enabling the Arab Monetary Fund to oversee and follow up on support disbursement and monitor the progress of implementing reforms demonstrates a dedication to ensuring the success of the program.
Minister of Finance Mohammed Al-Jadaan emphasized the importance of clear governance mechanisms in the financial support program and the significance of Saudi Arabia’s monthly financial assistance in mitigating economic damage in Palestine. The commitment to ensuring effective support is provided to address economic challenges shows a strong partnership between Saudi Arabia and the Palestinian government in overcoming economic difficulties. The gratitude expressed by Palestinian Monetary Authority Governor Dr. Feras Milhem for Saudi Arabia’s support reflects the importance of international cooperation in helping Palestinian people overcome economic challenges and promoting economic stability in the region.
The signing of a letter of intent for the governance of financial support from Saudi Arabia to Palestine at the annual meetings of the International Monetary Fund and the World Bank Group in Washington highlights the collaborative efforts between Saudi Arabia, the Arab Monetary Fund, and the Palestinian government to address economic challenges in Palestine. Through this financial support program, Saudi Arabia aims to support vital sectors, implement economic reforms, and strengthen the Palestinian economy. The commitment of the Palestinian Ministry of Finance to cooperate with the Arab Monetary Fund and provide necessary reports on implementation progress demonstrates a dedication to transparency and accountability in ensuring the success of the program.
