Saudi Arabia’s government said on Tuesday 31st December 2024, the Kingdom’s latest aid package to the Internationally Recognized Government of Yemen reflects its commitment to stability in the country.
During a meeting on Tuesday, the cabinet said the support aimed to strengthen Yemen’s economic, financial and monetary foundations, build the capacity of government institutions and empower the private sector to drive sustainable growth and create job opportunities.
On Friday 27the December 2024, Saudi Arabia announced new economic support worth $500 million. It comprises a $300 million deposit into the Central Bank of Yemen, to improve economic and financial conditions and $200 million to address its budget deficit, out of a total pledge of $1.2 billion for 2024, the Saudi Press Agency reported.
Saudi Arabia’s previous economic assistance included deposits in the Central Bank of Yemen, which increased foreign exchange reserves, stabilized the local currency, reduced exchange rates, and stimulated the growth in gross domestic product.
The assistance also lowered fuel and diesel costs, reduced prices of imported food commodities, and supported the import of essential goods, including wheat, rice, milk, cooking oil, and sugar.