Yemen Monitor/Newsroom:
The internationally recognized Yemeni government announced on Friday that Saudi Arabia has provided a $500 million boost to its budget as part of a grant announced in August 2023.
Yemeni Prime Minister Ahmed Awad bin Mubarak stated, “Saudi Arabia has released the fourth installment of budget support amounting to $200 million, in addition to $300 million to support the Central Bank of Yemen.”
He affirmed that “this is a continuous expression of the Kingdom’s genuine stance and its unwavering support for the Yemeni people in all circumstances.”
He pointed out that the support “will enable the Yemeni government to pay the salaries of state employees, stop the deterioration of the currency, and allow it to continue with determination in its program of financial and administrative reform and combating corruption.”
In August 2023, Saudi Arabia approved a $1.2 billion grant for the government amid a deteriorating economic situation. At that time, Riyadh transferred an initial installment of $250 million, followed by a second similar installment in February.
Saudi Arabia deposited $1 billion in the Central Bank of Yemen in 2023, helped establish a petroleum derivatives fund worth 600 billion riyal, and contributed to the financing of development projects worth approximately $400 million during 2023.
