Yesterday, Friday, Saudi Arabia announced the provision of new economic and financial support to Yemen worth $500 million.
The Saudi authorities explained that this new support includes:
- A deposit of $300 million in the Central Bank of Yemen to improve the economic and financial situation.
- $200 million to support the budget deficit.
Saudi economic support for Yemen aims to:
- Establishing the foundations of economic, financial and monetary stability in Yemen.
- Strengthening the public financial position.
- Developing and building the capabilities of government institutions, and enhancing their governance and transparency.
- Empowering the private sector to drive sustainable economic growth.
- Creating job opportunities, which will put the national economy on a more sustainable path and advance the process of economic and social development.
For his part, the head of the internationally recognized Yemeni government, Awad bin Mubarak, said – on the “X” platform – that the financial support provided by Saudi Arabia will enable the Yemeni government to pay the salaries of state employees and stop the deterioration in the currency price. It will also enable it to proceed with the financial and administrative reform program and combat… Corruption.
#Kingdom Provides new economic support worth $500 million to the Republic of Yemen. https://t.co/AXpNtaoKbP#SPA_General pic.twitter.com/ieqy5y9JzA
– SPA Regions (@SPAregions) December 27, 2024
Saudi Arabia had provided grants for oil derivatives to operate 80 electricity generation plants in all Yemeni governorates, which contributed to stimulating economic growth and raising the efficiency of the vital, productive and service sectors in the country.
Riyadh also provided Yemen with 263 development projects and initiatives implemented by the Saudi Program for the Development and Reconstruction of Yemen in various governorates of the country.
For more than 30 months, Yemen has witnessed a lull in the war that began about 10 years ago between government forces and the Houthi group since September 21, 2014.
The war destroyed most sectors in Yemen, especially the health sector, and caused one of the most disastrous humanitarian crises in the world, according to the United Nations.
