Saudi Arabia Boosts Yemeni Economy with Significant Aid Package
Saudi Arabia is set to deliver approximately $368 million in economic aid to the internationally recognized Yemeni government based in Aden. This grant, facilitated through the Saudi Development and Reconstruction Program, aims to bolster the Yemeni government's budget amidst longstanding economic challenges due to civil unrest.
In a significant move to stabilize Yemen's struggling economy, Saudi Arabia has announced a substantial aid package worth around 1.38 billion riyals, equivalent to $368 million. The financial support targets the internationally recognized Yemeni government, currently based in Aden.
The grant, channeled through the Saudi Development and Reconstruction Program for Yemen, endeavors to address the budgetary needs of the Yemeni government. This comes after years of economic turmoil following the Houthi takeover of the capital Sanaa in 2014, which unseated former President Ali Abdullah Saleh and led to a protracted civil war.
Since the Saudi-led coalition's intervention in 2015, Yemen has been divided between the recognized government in Aden and the Houthi regime in Sanaa. Riyadh's ongoing financial support has been crucial for the Aden administration, aiding in the stabilization of the currency and ensuring the payment of public sector salaries amidst the ongoing conflict.
(With inputs from agencies.)
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