Saudi Arabia Offers Yemen’s Central Bank New Support to Bolster Economic Stability

Saudi Arabia has offered fresh support to Yemen’s central bank as the kingdom continues efforts to stabilize Yemen’s economy and financial sector.

The Saudi Development and Reconstruction Program for Yemen said the assistance will strengthen economic, financial and monetary stability. It will also support the capacity of government institutions, while seeking to improve governance and transparency.

The program said the support is intended to help the private sector contribute to sustainable growth, create jobs and drive wider social and economic development. It also aims to boost purchasing power, improve living standards and stimulate commercial activity.

The new assistance builds on Saudi economic and development support to Yemen. In February, Saudi Arabia provided 1.3 billion riyals for budget operating expenses and salaries. It followed that with another installment of more than 224 million riyals in June.

The Saudi Development and Reconstruction Program for Yemen, established in 2018, carries out projects across development sectors and provides institutional and technical support to Yemeni government bodies. The latest assistance is presented as part of efforts to create conditions for sustainable economic recovery and development.