Mohammed Saeed Al Jaber, General Overseer of Saudi Arabia’s Development and Reconstruction Program in Yemen and Administrative Ambassador of the Two Holy Mosques, signed an agreement with Yemeni Minister of Finance Marwan Faraj Saeed bin Ghanem to begin depositing economic support worth SAR 1.3 billion, which will be allocated to address the budget deficit and support operating costs and salaries.
This assistance will contribute to income stability, strengthen purchasing power, and enable government institutions to continue to carry out their tasks efficiently, and will respond to the urgent needs of the Yemeni government, reflect positively on macroeconomic stability, and advance Yemen’s path to sustainable recovery, given the Saudi aspiration to achieve stability and development for the brotherly Yemeni people.
In addition to improving monetary policy management, this assistance aims to establish a foundation for Yemen’s economic and fiscal stability, reduce the fiscal deficit, regularize government financial flows and salary payments, put the national economy on a more sustainable trajectory, and advance the economic and social development process.
The new economic support is positively reflected in increased purchasing power, regular income for families, improved standards of living and revitalized commercial markets, contributing to improving Yemen’s economic stability and supporting a sustainable recovery.
The Kingdom of Saudi Arabia is the largest humanitarian, developmental and economic donor to Yemen in its history, and its development and economic interventions form one of the main pillars towards Yemen’s economic recovery at the macro and micro levels.
The package of economic development assistance provided by Saudi Arabia, totaling more than $12.6 billion for the period 2012 to 2026, embodied the fundamental pillars of strengthening the capacity of Yemeni institutions to continue to serve the Yemeni people and reducing economic and social pressures, including deposits and subsidies on the Central Bank of Yemen, in order to achieve a level of fiscal parity and support macroeconomic stability.
Saudi Arabia’s development interventions through the Yemen Development and Reconstruction Program have had positive effects in strengthening the foundations for sustainable development, reducing humanitarian and economic impacts, and achieving inclusive development that benefits current and future generations.
Saudi Arabia’s Yemen Development and Recovery Plan presented a matrix of development projects and initiatives amounting to 268 development projects and initiatives in eight critical and fundamental areas, with a total value of over $1 billion. These contributed to improving the efficiency of infrastructure and basic services, improving living standards, strengthening food security, building the capacity of Yemeni cadres, providing employment opportunities, and advancing efforts to establish sustainable peace that achieves sustained and inclusive development for Yemeni compatriots. Yemen.
