Saudi Arabia announces new support for Yemen’s central bank

Saudi Arabia announced new support for Yemen’s central bank on Thursday as part of efforts to promote economic stability in the country.

The Saudi Development and Reconstruction Program for Yemen (SDRPY) said the new support would help improve living conditions and stimulate economic activity in the country.

The program added that the support would also contribute to strengthening Yemen’s sustainable economic recovery.

Yemen’s Presidential Leadership Council Chairman Rashad al-Alimi welcomed the new Saudi support, saying it would bolster the stability of the Yemeni currency and help improve citizens’ living conditions.

Al-Alimi described the assistance as an important boost to the country’s ongoing economic reform efforts.

Saudi Arabia has provided more than $12.6 billion in economic and development support to Yemen between 2012 and 2026, including deposits and grants to the country’s central bank, according to SDRPY.

The Kingdom has also funded hundreds of projects and initiatives across sectors including health, education, energy, water and transportation as part of its broader support for Yemen.