Saudi Arabia has provided new support to Yemen's Central Bank as part of its efforts to stabilize the country's economy and financial sector, following directives from the Kingdom's leadership.
The Saudi Development and Reconstruction Program for Yemen said the assistance aims to strengthen economic, financial, and monetary stability in the country. The support is designed to build the capacity of government institutions while improving governance and transparency, according to officials.
The assistance targets development of economic, financial, and monetary foundations, officials said. It also seeks to enable the private sector to contribute to sustainable economic growth and create job opportunities.
The support aims to reinforce Central Bank reserves and stabilize exchange rates and the value of the local currency, which would increase Yemen's economy's ability to withstand financial and monetary pressures. Officials said the assistance will help finance imports of essential goods and increase their availability in markets, enabling households to meet their needs.
The SDRPY noted that the assistance will contribute to boosting purchasing power, improving living standards, and stimulating commercial activity. It is also intended to create an environment conducive to sustainable economic recovery and development in Yemen.
The new support builds on Saudi Arabia's continuous economic and developmental assistance to Yemen. Officials said the measure reflects the Kingdom's commitment to achieving stability and prosperity for the Yemeni people and supporting economic and social development in the country, in coordination with projects and initiatives under the Saudi Development and Reconstruction Program for Yemen.