Yemen receives $500 million from Saudi Arabia

Ahmad Awad bin Mubarak, Prime Minister of Yemen, announced that the Central Bank of Yemen received $500 million from Saudi Arabia to support the country’s economic situation.

Saudi Arabia supports Yemen’s economy

The Yemeni Prime Minister announced that this support will enable the government to pay state employees’ salaries, halt the deterioration of the currency, and continue its determined efforts in financial and administrative reform, as well as combating corruption.

“With sincere gratitude and appreciation, we extend our thanks to our brothers in the Kingdom of Saudi Arabia for their consistent support to the Yemeni government. Today, they announced the release of the fourth tranche of the general budget support, amounting to $200 million, along with an additional $300 million to support the Central Bank of Yemen. This continuous demonstration of the Kingdom of Saudi Arabia’s enduring and principled stance reflects their unwavering support for the Yemeni people through all circumstances. This financial assistance will enable the Yemeni government to pay state employees’ salaries, halt the decline of the currency value, and persist resolutely in the implementation of financial and administrative reforms and the fight against corruption,” stated bin Mubarak.

According to sources, Saudi Arabia deposited approximately $200 million into the accounts of the Central Bank of Yemen in Aden as the fourth and final installment of the $1.2 billion Saudi grant, which is valid for one year.

Additionally, Saudi Arabia deposited around $300 million to support the Central Bank of Yemen, which is assisting the Saudi-backed Yemeni government amid the country’s struggles with a weak currency and high fuel and commodity prices.

It is worth noting that the dollar price surpassed the 2,050 riyal threshold for the first time in the country’s history, amid an unprecedented wave of inflation and rising food prices that the country is going through.