Saudi Arabia deposited $1 billion into the central bank of Yemen’s legitimate government Tuesday in a bid to bolster the country’s economy, state media said.
The move was in implementation of directives of Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister.
In a statement, the state-run Saudi Press Agency said the $1 billion deposited into the Aden-based central bank will help the government implement economic reforms.
The move is an extension of the Saudi cabinet’s keenness on supporting Yemen and its people.
The deposit extends support to the Yemeni government as it carries out its duty in restoring security and stability in the country.
Chairman of the Presidential Leadership Council Dr. Rashad al-Alimi thanked the Saudi government for the economic aid.
In a series of tweets, he said the money would go toward funding new projects and stabilizing the currency.
He added that it will also help ease the humanitarian crisis caused by the terrorist Iran-backed Houthi militias.
King Salman and Crown Prince Mohammed have set an example of solidarity with and support of the Yemeni people, he stressed.
The Kingdom, its leadership, government and people, have throughout the long years of war sparked by the Houthis demonstrated responsibility towards Yemen and towards easing the suffering of its people, without discrimination and throughout the country, he remarked.
Yemen has been hit hard by the fallout of the Ukraine war, with the country having imported 40% of its grain from Ukraine until supply channels were cut following Russia’s invasion. Food prices in Yemen have since surged.
The Arab Monetary Fund, an Abu Dhabi-based group and sub-organization of the 22-member Arab League, will help oversee the use of the $1 billion, SPA said.
