Saudi Arabia Deposits 2nd Installment of Budget Deficit Support to Yemeni Government with $250 Million

Budget deficit projected to fall 51%
Budget deficit projected to fall 51%

Under the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of the Kingdom of Saudi Arabia, and in light of the close brotherly relations and strong ties between the Kingdom of Saudi Arabia and the Republic of Yemen, the Yemeni government has received $250 million as the second installment of budget deficit support from the Kingdom of Saudi Arabia.

The support provided by the Kingdom of Saudi Arabia demonstrates its dedication to promoting security, stability, and prosperity for the people of Yemen.

This support aims to bolster the Yemeni government’s budget, enhance the purchasing power of its citizens, and contribute to economic recovery in Yemen.

In August 2023, the Republic of Yemen requested economic assistance from Saudi Arabia to address its budget deficit and ensure food security. In response, Saudi Arabia announced its support, amounting to $1.2 billion.

This aid will be utilized to support salaries, wages, operational expenses, and overall economic stability in Yemen.

The Kingdom has provided a total of approximately $11.2 billion in direct economic and developmental support from 2012 to 2023.

The budget deficit support has had significant economic impacts, such as enhancing the living conditions of Yemeni citizens, bolstering the capacity of the Yemeni government, implementing economic reform programs, and empowering the Central Bank of Yemen through the activation of monetary policy tools.