Saudi Arabia Pledges USD368 Million to Support Yemen
(MENAFN) Saudi Arabia declared on Saturday that it will provide nearly $368 million in economic aid to the Yemeni government led by Presidential Leadership Council Chairman Rashad al-Alimi, aiming to alleviate the nation’s escalating financial crisis.
The Saudi Foreign Ministry stated that, under the Yemen Development and Reconstruction Program, approximately $368 million (1.38 billion riyals) will be designated as fresh economic development assistance.
It clarified that the decision was issued under the directives of King Salman bin Abdulaziz and upon the suggestion of Crown Prince Mohammed bin Salman, highlighting Yemen’s deteriorating economic situation.
The aid comes in response to a request from Al-Alimi and forms part of Saudi Arabia’s backing of Yemen’s internationally recognized government.
The resources will be allocated to essential sectors, including health care, the government budget, and fuel provisions, to support the stabilization of vital services in the conflict-ridden nation.
Yemen has been engulfed in conflict for over a decade. Iran-supported Houthi rebels have held the capital, Sanaa, and other parts of the country since September 2014.
A Saudi-led coalition has been assisting Yemen’s government against the Houthis since March 2015.
The extended war has triggered one of the globe’s most severe humanitarian emergencies.
According to the UN, over 22 million of Yemen’s 30 million inhabitants are in need of humanitarian assistance and protection.
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