Riyadh: The Saudi Development and Reconstruction Program for Yemen (SDRPY) and the Yemeni government today inked two pivotal development agreements along with a memorandum of cooperation, all designed to bolster Yemen’s economic stability, enhance essential services, and strengthen institutional capacity. This initiative marks a continuation of the Kingdom’s sustained commitment to aiding the Yemeni populace.
According to Saudi Press Agency, the agreements encompass strategic support for Yemen’s government budget deficit, aligning with the country’s priorities in tackling pressing economic and developmental challenges. This financial aid is poised to lay the groundwork for economic, financial, and monetary stability in Yemen.
Another critical component of the agreements involves the provision of petroleum derivatives to the Yemeni government, aimed at operating power plants across numerous governorates. This initiative is intended to enhance service delivery, extend electricity operating hours, and lessen the financial strain on the Central Bank of Yemen by reducing the necessity to acquire fuel in foreign currency from global markets. It is anticipated that this will have a positive impact on living conditions and further stabilize the economy.
Additionally, a memorandum of cooperation was formalized between the SDRPY and Yemen’s Ministry of Interior, focused on bolstering the ministry’s technical and institutional capacities and facilitating knowledge exchange with Saudi counterpart agencies. This memorandum is set to enhance institutional performance and fortify the ministry’s infrastructure.
This partnership highlights the Kingdom’s unwavering support for Yemen in critical sectors, promoting governmental institutional development, economic recovery, and improvement of essential services. It also signifies the robust fraternal ties between the two nations and underscores the Kingdom’s leadership role in fostering development and stability in Yemen.
The SDRPY has successfully executed 265 development projects and initiatives across eight vital sectors, including education, health, water, energy, transportation, agriculture and fisheries, government capacity building, and comprehensive development programs, impacting various Yemeni governorates.