Arab oil-nation Saudi Arabia has injected a massive amount of $2 billion into Yemen’s Central Bank to save the country’s continuously falling economy and prop-up the war-torn country’s devalued currency to save the people of Yemen from “inevitable starvation”.
For three consecutive years, a Saudi-led coalition had conducted bombarding in Yemen to dislodge the Houthi rebels who controlled the capital of the country and most of its northern regions. Now, the control of the country has been restored to the national power that is internationally recognised government led by President Abd-Rabbu Mansour Hadi. But the war has rumbled the country and its economy to ashes – making Yemen one of the poorest countries, leaving millions in need of intense and urgent humanitarian assistance. The value of Yemen currency Yemeni Riyal to an unprecedented plunge of 500 riyals to one US dollar in 2014. Adding to the misery was an uncontrolled outbreak of cholera across the country – rising emergency in the country.
The immense downfall of the country had forced the Yemeni Prime Minister Ahmed bin Daghr, who is based in Aden to appeal urgent economic support from its neighbouring Gulf countries, on Tuesday. Hadi said that the aftermath of war and the fall of Yemeni riyal is leading the country to an inevitable starvation and the country needs urgent financial assistance. Upon receiving this appeal, Saudi Arabian ruler King Salman ordered injecting a fund of $2 billion into Yemeni Central Bank to prop up the war torn country and its citizens from starvation.
The Kingdom stated that the funds will be transferred to the central bank “with the aim of boosting Yemen’s financial and economic situation”. The fund might not help restoring the economy of Yemen directly, but it will help in recovering the currency from falling and as the value of Yemen Riyal goes up, living conditions of Yemeni citizens will change for better too. The injection of money comes from the Royal Decree after receiving much criticism for conduction a civilian war which caused widespread physical, material as well as economic destruction in Yemen.