Saudi Arabia Accepts 200 Million Grant to Yemen to Stem Riyal’s Side

October 17, 2018

Saudi Arabia would be presenting 200 million dollars to Yemen’s Central Bank. The assistance is directed to stabilize the economy of the war-torn nation and spike the value of the Yemeni currency. It would help to ameliorate the suffering of the Yemenis.

Saudi King Salman sanctioned the funds on the request from the Yemeni President Abd-Rabbu Mansour Hadi.

The value of riyal dipped and it lead to the spike in the prices of fuel and food. This resulted in demonstration from people last month and also an increase in the interest rates.

Since the Iranian-backed Shiite Houthi militias seized the Northern provinces, the poor Arab nation got involved in a civil war. Arab military coalition mediated in Yemen’s civil war in order to support President Hadi’s government, after he was sent to exile.

Yemen tops the list on world’s humanitarian crisis as per the United Nations, with 7 million Yemenis are on the verge of facing famine.