Saudi Arabia has approved a grant of $200 million to Yemen’s Central Bank to stem the riyal’s slide.
“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.
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.
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.
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.
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.
the world’s top humanitarian crisis, with 7 million Yemenis on the brink
of famine and a cholera outbreak killing over 2,000 people.
