Yemen's government signs $1B aid package with UAE-based fund

  • In World
  • 2022-11-27 19:02:12Z
  • By Associated Press

CAIRO (AP) - Yemen's internationally recognized government signed a deal with the Arab Monetary Fund on Sunday, state media said, paving the way for the Saudi-backed administration to receive $1 billion of economic aid.

The Abu Dhabi-based fund, a sub-organization of the 22-member Arab League, will pay out the $1 billion program from 2022 to 2025. The economic deal aims to help the Yemeni government establish monetary and fiscal stability through wide-ranging economic reforms, Saba news agency said.

Yemen's civil war, which is entering its eighth year, has decimated the country's economy and pushed half of the population to the brink of famine. More than 150,000 people have been killed in the conflict, including over 14,500 civilians. On average food is 60% more expensive than it was last year, largely due to the war in Ukraine that has cut off the country's critical wheat imports from Eastern Europe.

The conflict began in 2014 when the Iranian-backed Houthi rebels seized the capital of Sanaa, along with much of northern Yemen, forcing the government into exile. A Saudi Arabia-led coalition, including the United Arab Emirates, intervened in 2015 to try to restore the internationally recognized government's power. The country's central bank has since been divided between the warring sides.

The Aden branch of Yemen's central bank falls under the control of Saudi coalition forces. In recent years, the Aden branch has helped fuel inflation by printing new banknotes to pay off its debts and cover public sector salaries. Aden-printed notes are not excepted in Houthi-controlled areas, whose central bank operates from Sanaa.

Sunday's deal was signed by the governor of the Aden branch of Yemen's central bank, Ahmed al-Maabqi, in the presence of Saudi Arabia's Finance Minister, Mohammed Al-Jadaan.

In a statement issued by the Houthi's Finance Ministry following the signing, the rebel group denounced the agreement and said the fund will only "serve the countries of aggression, not Yemeni society."

The Saudis have invested billions of dollars in propping up Yemen's internationally recognized government over the years, with the Kingdom having previously pledged $3 billion in April to help its war-battered economy.


More Related News

Israelis protest government
Israelis protest government's judicial overhaul plans
  • World
  • 2023-02-04 18:58:34Z

Tens of thousands of Israelis gathered Saturday for a weekly demonstration against Prime Minister Benjamin Netanyahu government's proposed judicial overhauls...

When the government is the customer (some things to keep in mind)
When the government is the customer (some things to keep in mind)

Five years ago, Google backed away from a Pentagon government contract because thousands of employees protested that its tech might be used for lethal drone ...

Florida lawmakers to meet next week on Disney, immigration
Florida lawmakers to meet next week on Disney, immigration

Florida lawmakers will meet next week to complete a state takeover of Walt Disney World's self-governing district and debate proposals on immigration and...

Israel says Sudan peace deal to be signed in Washington
Israel says Sudan peace deal to be signed in Washington
  • World
  • 2023-02-02 20:08:09Z

It would normalise relations between Israel and another member of the Arab League.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


  • Snaptik app
    (2022-11-28 10:30:24Z)

    my business keeps growing swift. along with employment program is extremely practical.

  • gb whatsapp
    (2022-11-28 12:46:35Z)

    Download Latest 2022 New Version Updated 53 MB GBWhatsApp download or WAGB APK has privacy settings such as hiding status, custom themes, photo widget.

  • itbacklabs
    (2022-12-06 12:29:17Z)
    Welcome to Marrakech Art Tours, where you will find the ease of discovering some of Morocco's best hidden gems. We specialize in expert tours that explore the artistic and cultural heritage of Marrakech. We provide customized day trips and private desert tours filled with adventure, food tours, walk-through the colorful souks of the old city
    Atlas Outdoor est une entreprise familiale DMCéceptif basé à Marrakech. La société a été fondée par Youssef et Mohamed, tous deux guides de montagne expérimentés. guides de montagne avec une grande passion pour le voyage et l'attention au détail.
    The kingdom of Morocco is a magical country made for travellers to visit and tour. It is a stunning and fantasy region full beautiful sceneries, dramatic landscapes and breath-taking cities such as the imperial cities of Marrakech, Fez, Rabat and Meknes as well as some other beautiful cities and locations namely Tangier, Merzouga desert, Ouarzazate and the bleu city of Chefchaouen


Top News: World