Saudi Fund to grant Yemen $1b

SANA’A – The Saudi Fund for Development will deposit $1 billion US dollar in the Central Bank of Yemen in a move which aims to help Yemen stabilize its national currency and cope with current economic challenges, Yemen Planning and International Cooperation Minister Muhammad Al-Sady said Wednesday.

In a news conference, Al-Sady said Yemen and the Fund will sign an agreement on the Saudi deposit on the sidelines of the donor conference planned to be held in Riyadh on Sept. 4-5.

Yemen needs $11 billion in foreign aid, as the nation struggles to rebuild its economy and complete a tough political transition, he added.

"The deposit aims to support the Yemeni government to face the current economic challenges including stabilizing the exchange rates," the minister said, adding that Yemen is holding negotiations with other donors to provide aid after the Saudi initiative.

Meanwhile, the planning and international cooperation has finalized the final arrangements for the donor conference, he said, pointing out that an expanded meeting under the auspices of the Saudi government for the Yemeni official delegates and the donors will be held on the first day of the conference. – Agencies