Cabinet convenes on Saudi brotherly bailout

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Cabinet convenes on Saudi brotherly bailout

[17/01/2018 05:50]

ADEN-SABA
Yemen's Cabinet held a meeting in Aden on Wednesday onthe brotherly Saudi bailout in the form of a $2 billion deposit to stabilize the country's currency.

Earlier in the day Saudi Arabia’s King Salman bin Abdulaziz Al Saud ordered the amount to be deposited into the Central Bank of Yemen to stabilize the Yemeni Riyalwhich declined to unprecedented lows, the rial traded at 500 to the dollar this week.

"In the name of the Cabinet, I highly appreciate the orders of King Salman bin Abdulaziz Al Saud to deposit $2 billion into the Central Bank in order to lift the suffering of the Yemeni people," said Prime Minister Ahmed bin-Daghr at the opening of the Cabinet's meeting.

Bin-Daghr also thanked President Abd-Rabbu Mansour Hadi for his follow-up on this generous Saudi aid.

The Cabinet said "this generous support comes at a time we are facing complicated economic circumstances as a result of the war ignited by Iran's proxies and tools in Yemen – the Houthi rebel militia."