The Kingdom Of Saudi Arabia Announces Monthly Oil Derivatives Worth $60 Million to Yemen
August 07, 2018
As part of the Kingdom of Saudi Arabia’s long term commitment to the wellbeing of the Yemeni people and the Yemeni economy, the Kingdom has granted $60 million worth of oil derivatives per month to power plants in Yemen in order to operate 24/7. This $60 million grant will enable the Government of Yemen to manage market stability, prevent extreme inflation, and increase public access to critical goods. This support comes in tandem with the Saudi Reconstruction Project in Yemen (SRPY), a Saudi initiative to support long-term development and growth in Yemen.
H.E. Ambassador Mohammed Al-Jabir, the Kingdom’s ambassador to Yemen and supervisor of SRPY, announced the $60 million grant against the backdrop of current reconstruction efforts in Yemen in areas of health, communications, transport, infrastructure, and educational sectors. The grant will help the Yemeni government reduce its budget deficit, strengthen health and education, boost the economy and reduce inflation. It will also provide hard currency to improve the livelihood of the Yemeni people and help lift the suffering caused by the Iranian-backed Houthi militia, ultimately, further supporting the legitimate and internationally recognized Yemeni government.
The $60 million monthly grant will also help generate power plants in Yemen, allowing the government and private sector to sustain operations to meet the public’s needs. This monthly grant is central to making development and reconstruction projects in Yemen a reality. Facilitating efforts to stabilize Yemen’s economy is a key priority of the Kingdom of Saudi Arabia. Ensuring that markets are financially sound underpins SRPY initiatives to rebuild in Yemen and provide lasting job opportunities for the Yemeni people.