Saudi Arabia announces $2 bn bailout for Yemen government

Saudi Arabia announces $2 bn bailout for Yemen government

Saudi Arabia announces $2 bn bailout for Yemen government

Saudi Arabia on Wednesday announced it would transfer $2 billion to Yemen's central bank, after desperate calls for funding from the war-torn country's president and prime minister.

"To address the deteriorating economic situation faced by the Yemeni people as a result of the actions of the Iranian-backed Houthi militias, King Salman bin Abdulaziz has issued a directive to transfer a $2 billion deposit to the central bank of Yemen, in continuation of the kingdom's support of the Yemeni people," the interior ministry said in a statement.

Saudi Arabia, which is facing a hefty budget deficit, leads a military coalition that is battling the Huthi rebels alongside the Yemen's internationally recognised government.

 

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