YEMEN TO RECEIVE $1.2BN IN ECONOMIC AID FROM SAUDI ARABIA

Wed 02 August 2023:

Saudi Arabia has approved a $1.2 billion grant to Yemen’s internationally-recognised government, led by the Presidential Leadership Council (PLC), as part of efforts to prop up the war-torn country’s flagging economy, AFP reported citing two officials.

According to the sources, Yemen’s finance minister and central bank governor as well as the Saudi ambassador are expected to disclose details of the grant at a signing ceremony in Riyadh at 5pm (1400 GMT).

News of the grant was reported by Reuters earlier today citing a Saudi source who disclosed that the support will contribute to strengthening security and preventing a return of military clashes. The substantial funds would encourage dialogue on all sides to reach a comprehensive political solution to the Yemeni crisis, the source added.

Although fighting with forces aligned with the de-facto, Houthi-led government in Sanaa has temporarily subsided, amid ongoing peace talks with the Saudis, clashes have intensified across some southern provinces between factions fighting on behalf of the PLC and the UAE-backed Southern Transitional Council (STC).

A Yemeni official also said the donation would be used to pay government wages, fuel for power plants and food imports.

Earlier this year, Saudi Arabia deposited $1 billion into the Central Bank of the Aden-based authorities, a $600 million oil derivatives fund and provided $400 million worth of development projects.

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