Riyadh, The Gulf Observer: Saudi Arabia has unveiled a $500 million economic aid package for Yemen, aimed at stabilizing the war-torn country’s economy, strengthening the Central Bank of Yemen, and promoting development and growth.
The package includes a $300 million deposit to the Central Bank of Yemen to enhance financial and monetary stability and an additional $200 million to address Yemen’s $1.2 billion budget deficit. This initiative will be implemented through the Saudi Development and Reconstruction Program for Yemen (SDRPY) and will focus on food security, salary support, operational expenses, and economic reforms.
Saudi Arabia’s assistance is expected to empower Yemen’s private sector, create job opportunities, and foster sustainable economic growth. The aid aims to stabilize public financial management and enhance governance and transparency in Yemeni government institutions.
Previous Saudi contributions have significantly bolstered Yemen’s economy by stabilizing foreign reserves, reducing currency volatility, and lowering the prices of essential goods such as wheat, rice, milk, and cooking oil. These measures have eased inflation and improved food security for Yemeni citizens.
Additionally, Saudi aid has supported healthcare by covering medications for chronic illnesses and cancer treatments, enhanced education services, and improved electricity supply by providing oil derivatives to 80 power plants across Yemen.
The SDRPY has also undertaken 263 development projects and initiatives across Yemen, targeting critical sectors such as education, health, water, energy, transportation, agriculture, fisheries, and government capacity building. These projects underscore Saudi Arabia’s commitment to fostering sustainable development and stability in Yemen, contributing to a brighter future for the Yemeni people.
