المملكة: The Kingdom’s support for Yemen…is keen to achieve stability and development for the Yemeni people

To strengthen the budget of the Yemeni government, and to support the Central Bank of Yemen, the Kingdom provided new economic support to Yemen worth 500 million US dollars.
This comes as confirmation of the Kingdom of Saudi Arabia’s keenness to achieve stability and development for the brotherly Yemeni people, under the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Highness the Crown Prince – may God protect them.

Saudi Arabia’s support for Yemen

With a value of 300 million US dollars, the support comes as a deposit with the Central Bank of Yemen, with a new payment to support addressing the budget deficit amounting to 200 million US dollars.

This payment comes from the total Saudi grant to Yemen, which amounts to $1.2 billion, and the new deposit with the Central Bank of Yemen aims to continue the impact that previous deposits had in increasing the reserves of the Central Bank of Yemen.
This is in addition to stabilizing exchange rates, increasing the quantities of imports of basic goods and stabilizing their prices, supporting the private sector and improving the living conditions of the Yemeni people.

Saudi grant to Yemen

The new payment to support addressing the budget deficit also aims to contribute to the regular payment of salaries and wages, and to save inevitable operating expenses.
In addition to supporting food security, and supporting the national economy in a way that enables the Yemeni government to fulfill its other obligations, while the Yemeni government carries out economic reforms, which will improve the government’s financial situation.

In addition to this, developing the financial and banking sector and creating an enabling environment to enhance the role of the private sector and involve it in the process of sustainable economic development.
The push to support addressing the Yemeni budget deficit has important economic impacts, including supporting the improvement of the stability of the living situation of the Yemeni citizen, building the capabilities of the Yemeni government and implementing the reform program, and contributing to strengthening the capabilities of the Central Bank of Yemen by activating monetary policy tools.