Saudi Arabia has provided new support to the Central Bank of Yemen as part of its ongoing efforts to stabilize the country's economy and financial sector, following directives from the Kingdom's leadership.
The Saudi Development and Reconstruction Program for Yemen (SDRPY) said the assistance aims to strengthen economic, financial, and monetary stability. It is also designed to build the capacity of government institutions while improving governance and transparency.
The support further aims to enable the private sector to contribute to sustainable economic growth, create job opportunities, and drive socio-economic development.
The SDRPY noted that this assistance will contribute to boosting purchasing power, improving living standards, and stimulating commercial activity. Additionally, it aims to create an environment conducive to sustainable economic recovery and development in Yemen.
The new support builds on Saudi Arabia's continuous economic and developmental assistance to Yemen. In February, the Kingdom provided 1.3 billion riyals to support the Yemeni budget for operational expenses and salaries, followed by another installment of over 224 million riyals in June for the same purpose.
The SDRPY, established in 2018, implements projects and initiatives across various development sectors, in addition to providing institutional and technical support to build the capacity of Yemeni government institutions.
