Saudi Arabia announced on Friday a new economic support package for Yemen's internationally recognized government (IRG) worth $500 million.
The latest assistance includes a $300 million deposit into the Central Bank of Yemen to improve economic and financial conditions, alongside $200 million to address the Yemeni budget deficit, the Saudi Press Agency reported.
The latest funding forms part of a larger $1.2 billion initiative through the Saudi Development and Reconstruction Program for Yemen. The program focuses on enhancing food security; supporting wages and operating expenses; and aiding the Yemeni government in implementing its economic reform agenda.
The new support aims to establish economic, financial, and monetary stability in Yemen by strengthening public finances, building government institutional capacity, and enhancing
Saudi Arabia’s grants for petroleum derivatives have played a vital role in operating 80 power plants across Yemen, boosting energy efficiency and revitalizing productive and service sectors.