Saudi Arabia pledges $500 million in aid to Yemen government
Saudi Arabia's Foreign Minister Faisal bin Farhan Al Saud , Arab League Secretary-General Ahmed Aboul Gheit, and Organization of Islamic Cooperation (OIC) Secretary-General Hissein Brahim Taha hold a press conference after the Extraordinary Joint Summit of the Organization of Islamic Cooperation and the Arab League in Riyadh, Saudi Arabia on November 11, 2024. (AA Photo)
Saudi Arabia announced a $500 million aid package to support Yemen’s government, aiming to address the nation’s financial and economic challenges.
According to the Saudi Press Agency (SPA), the package includes a $300 million deposit to Yemen’s central bank and $200 million to help close the country’s budget deficit. The initiative is intended to promote “financial and economic stability, strengthen public finances, develop state institutions, and enhance governance and transparency,” the announcement stated.
Yemen has faced ongoing conflict since September 2014, when Iran-backed Houthi forces seized control of the capital, Sana, and other regions.
In March 2015, a Saudi-led coalition began military operations in support of Yemen’s internationally recognized government, intensifying the conflict.
The financial aid comes amid Yemen’s prolonged economic instability, with the central bank struggling to manage currency depreciation and pay public sector salaries.
