Khabar Khair (Only Good News)

Saudi Arabia has announced providing urgent aid to the Yemeni economy for $3 billion.  This support was preceded by the announcement of the “internationally recognized” Yemeni government that it needed three levels of economic support to prevent the collapse of state institutions and the country’s entry into famine.

Moreover, Prime Minister Maeen Abdul Malik stated that these levels include receiving support in the field of currency stability, achieving food security, and state provision of basic services, especially water, electricity, health, education, and payment of salaries.

Prime Minister Maeen Abdul Malik indicated that there is coordination with the countries of the Gulf Cooperation Council and a number of friendly countries and donor organizations, to provide emergency economic support to the government, to help it fulfill its obligations. He explained that the rise in food and fuel prices against the decline in the local currency has crushed the purchasing power of citizens. He added that the government is facing the challenge of restarting the Balhaf port in Shabwa.

The support provided by the Kingdom of Saudi Arabia is as follows:

First: Providing $2 billion equally between the Kingdom and the UAE, in support of the Central Bank of Yemen.

Second: Providing one billion US dollars from the Kingdom, including 600 million dollars for the Fund to support the purchase of oil derivatives, and 400 million dollars for development projects and initiatives.

The Kingdom also announced that it had provided $300 million to finance the humanitarian response plan announced by the United Nations for 2022, to alleviate the suffering of the Yemeni people and improve their living and service conditions.

Riyadh is calling for an international conference to mobilize financial resources to support the Yemeni economy and the Central Bank of Yemen and to provide oil derivatives.