Saudi Arabia has announced an economic package worth $1.2 billion for Yemen to help the war-ravaged country to cope with its struggling economy, reported SPA.

 

This support is help the Yemeni Government tackle its budget deficit, salaries, wages, and operating expenses and also for guaranteeing Yemen's food security. It is in addition to what the kingdom has previously offered regarding economic and development assistance.

 

The announcement comes following the directives from King Salman and His Royal Highness the Crown Prince Mohammed Bin Salman, and is in response to the request from the Government of Yemen for economic aid.

 

It is also in continuation of the agreement reached between the two governments made possible through the Saudi Development and Reconstruction Program for Yemen (SDRPY), stated the report.

 

It is part of the Saudi government's role to aid the brotherly Yemeni people, alleviate their suffering, and bolster the Yemeni economy to enable the Yemeni government to fulfil its other obligations. 

 

This support also comes as an effort exerted by KSA to support Yemen in various fields, as the kingdom provided deposits in the Central Bank of Yemen as part of it support for the Yemeni people.

 

With this, the total amount provided to the Central Bank of Yemen during the period from 2012 to 2022 has now risen to $4 billion.

 

The kingdom has played an important role in stimulating economic growth in Yemen by providing grants of fuel derivatives, which are intended to generate electricity for all Yemeni governorates.

 

These grants from Saudi Arabia are aimed at stimulating Yemen's economy and increasing the efficiency of vital, productive and service sectors, reported SPA. 

 

In 2021-2022, the total support for oil derivatives was about 1,260,850 metric tons for operating more than 70 Yemeni stations, with a value of $422 million, distributed in various Yemeni governorates.

 

This generous support comes as a confirmation of the kingdom's keenness to achieve security, stability and development for the Yemeni people and as a contribution to strengthening the budget of the Yemeni government, it added.