Home Foreign Saudi Arabia approves $200m grant to Yemen to stem riyal’s slide

Saudi Arabia approves $200m grant to Yemen to stem riyal’s slide


Riyadh –   Saudi Arabia will grant 200 million dollars to Yemen’s Central Bank to stem the riyal’s slide, local media reported on Tuesday.

“The aid was aimed at stabilising the war-torn country’s economy and increasing the value of the Yemeni currency to alleviate the suffering of Yemenis.

“The funds were approved by Saudi King Salman upon a request from Yemeni President Abd-Rabbu Mansour Hadi,’’ the report said.

The plunging riyal has led to a surge in food and fuel prices that triggered demonstrations last month and prompted a hike in interest rates.

The impoverished Arab country has been locked in a civil war since the Iranian-backed Shiite Houthi rebels seized all Northern provinces, including capital Sanaa, in 2014.

Saudi Arabia leads an Arab military coalition that intervened in Yemen’s civil war in 2015 to support the government of President Hadi after the Houthi rebels forced him into exile.

The United Nations has listed Yemen as the world’s top humanitarian crisis, with 7 million Yemenis on the brink of famine and a cholera outbreak killing over 2,000 people.


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