Saudi Arabia Commits $2 billion Bailout For Yemeni Currency

| January 17 , 2018 , 18:17 IST

King Salman ruled saudi Arabia has announced that it would deposit $2 billion to be paid into Yemen's central bank on Wednesday to strengthen the value of weak Yemeni currency, the Saudi government said.

The statement was declared a day after the Yemeni Prime Minister issued a public plea for funds to strengthen the Yemeni currency Rial and helps to get rid of hunger in the war-torn country.

As per reports, the Saudi Government has said that the sum will not be a loan, but rather be a deposit and the Yemeni government will not have to pay it back. 

“Saving the Rial means saving Yemenis from inevitable hunger,” Prime Minister Ahmed bin Daghr said on Wednesday.

Three years ago, a Saudi led coalition launched a military campaign carrying out airstrikes against the Houthi rebels in Yemen after the Houthis had forced Yemen’s government into exile. The war has devastated Yemen and created a deep humanitarian and economic crisis in the poorest nation of the Arab World.