Saudi Gazette report

WASHINGTON — Under the patronage of the Saudi Ministry of Finance, the Arab Monetary Fund (AMF) and the Palestinian government signed a letter of intent on Friday for the governance of the financial support program provided by Saudi Arabia to the Palestinian government.

This signing took place on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington.

The document outlines the governance mechanism for Saudi Arabia's assistance to the Palestinian people, aimed at supporting vital sectors and implementing economic reforms that strengthen the Palestinian economy. These efforts are designed to help the Palestinian government meet the economic challenges posed by the current crisis by improving domestic revenue, controlling current expenditures, enhancing governance and public finance management efficiency, increasing transparency, and developing the business environment.

During the signing ceremony, Minister of Finance Mohammed Al-Jadaan emphasized that the crisis facing the State of Palestine has caused severe economic damage, leading to economic contraction. In response, the Kingdom intervenes by providing monthly financial support to help mitigate this damage, while ensuring a clear governance mechanism is in place to guarantee that the support effectively addresses the economic slowdown.

Palestinian Monetary Authority Governor Dr. Feras Milhem expressed the Palestinian government's gratitude for the unwavering support provided by Saudi Arabia, acknowledging its role in helping the Palestinian people overcome existing economic challenges.

The Palestinian Ministry of Finance reaffirmed its commitment to exerting all efforts to enable the AMF to oversee and follow up on the disbursement of support for the agreed-upon items.

Additionally, they pledged to monitor the progress of implementing the program's reforms and to cooperate fully with the AMF and the Saudi Ministry of Finance by providing all necessary reports on implementation progress, in accordance with the mechanism outlined in the document.