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Saudi to invest $2bn in Yemen economy

World Bank President Jim Yong Kim (L) meets King of Saudi Arabia Salman bin Abdulaziz Al Saud (R) in Riyadh, Saudi Arabia on February 14, 2017 [Bandar Algaloud / Anadolu Agency]
World Bank President Jim Yong Kim (L) meets King of Saudi Arabia Salman bin Abdulaziz Al Saud (R) in Riyadh, Saudi Arabia on February 14, 2017 [Bandar Algaloud / Anadolu Agency]

Saudi Arabia will deposit $2 billion in financial aid to support Yemen’s stability to support financial stability in Yemen after the significant deterioration of the country’s local currency.

Yemen’s official news agency Saba yesterday reported that “the recent visit of President Abd Rabbuh Mansur Hadi to Riyadh was a success after the Gulf Kingdom announced that it would deposit $2 billion to support financial stability and strengthen confidence in the national economy.”

“Hadi’s visit to Saudi Arabia addressed the current economic situation in Yemen and the possibility of supporting the national currency and stopping its collapse because of the Houthis and their allies’ actions.”

Read: Yemeni government calls on UN to blacklist Houthis

The ongoing on war in Yemen has caused the economic situation in the country to deteriorate severely.

Hadi returned to Yemen yesterday after a week-long visit to Saudi Arabia.

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Middle EastNewsSaudi ArabiaYemen