Thursday, March 23, 2023

Saudi Arabia extends 2018 deposits with Yemen’s central bank, pays final installment

Saudi Arabia on Monday raised deposits in 2018 to the central bank of Yemen’s internationally recognized government, and agreed to pay the final installment of the promised $2 billion, according to the central bank and the Saudi ambassador to Yemen. he said.

The Saudi Ministry of Finance said that the 2018 deposit period will be extended and this will support Yemen’s currency and economic situation.

The central bank, now based in Aden, which is the interim headquarters of Yemen’s government, said the final installment would be paid for $174 million.

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Saudi Arabia leads a military coalition in Yemen’s seven-year conflict that intervened against Yemen’s Iran-aligned Houthi group in 2015 after ousting the internationally recognized government in the capital Sanaa last year .

The central bank is now split in two between Houthi-controlled Sanaa and the internationally recognized stake in Aden.

Saudi Arabia said last month that it would arrange a new $3 billion support package for Yemen’s economy: $2 billion from Riyadh and $1 billion from the United Arab Emirates, also part of the coalition.

Riyadh’s ambassador to Yemen, Mohammed al-Jaber, said on Twitter that administrative and technical discussions are taking place regarding the new deposit of $2 billion that will come from UAE and Saudi funds.

The conflict has caused severe devaluation of Yemen’s currency and depletion of foreign reserves, and has been called by the United Nations as the world’s biggest humanitarian crisis.

Read more:

Yemen’s new leadership council takes charge as a ray of hope for war-torn country

Nation World News Desk
Nation World News Desk
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