For Immediate Release
Press Release
RIYADH – The United States Agency for International Development (USAID) and the United Kingdom’s Foreign Commonwealth and Development Office (FCDO), today announced the signing of a Memorandum of Understanding (MOU) to jointly program 900,000 British pounds – equivalent to about $1.1 million – to support key economic institutions in Yemen.
The funding will support the Central Bank of Yemen (CBY) with bank supervision, anti-money laundering, and counter-terrorism financing activities. The funding also will support the CBY and Ministry of Finance to publish data and complementary analytical reports on foreign reserve accounts, banking balance sheets, and debt indicators.
This is the fourth such MOU between USAID and the FCDO. The previous three contributions since December 2019 have totaled 2.8 million British pounds – equivalent to about $3.5 million. This MOU builds on the achievements of the last three years, including the introduction of a transformational competitive foreign exchange auction system and a detailed set of reporting guidelines for the utilization of auction proceeds.
“Strengthening key economic institutions in Yemen is essential to stabilize the economy and put the country on a path to economic recovery,” said the United States Ambassador to Yemen Steve Fagin. “The United States is proud to work with our British and Yemeni partners on this important transformation.”
“Strengthening economic institutions to introduce reforms will ultimately reduce humanitarian need in Yemen by addressing underlying structural problems that continually undermine the country’s food security,” said British Ambassador to Yemen, Richard Oppenheim.
The UK-US partnership joins diplomatic efforts to encourage the adoption of reforms fundamental to an independent central bank and a transparent fiscal system. These elements advance a peaceful resolution to the conflict through stabilizing the economy.
“This partnership is a testament to the collective progress we have made through USAID’s technical expertise and the commitment of our Republic of Yemen Government counterparts -- progress that will be further accelerated through additional investments from the international donor community,” Ambassador Fagin said.
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The United States government, through the U.S. Agency for International Development (USAID), funds programs in Yemen to build a strong foundation for durable peace, conflict prevention, and addressing humanitarian needs. For more information, visit: https://www.usaid.gov/yemen.