You are hereHome CategoriesYemen
Saudi to give US$3.25 billion aid to Yemen
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Wed May 23, 2012 12:30 pm

SAUDI ARABIA. Saudi Arabia will give its impoverished neighbour Yemen aid worth US$3.25 billion, Saudi Foreign Minister Prince Saud al-Faisal told a meeting in Riyadh on Wednesday.

"To ensure Yemen's security and stability, the kingdom will provide US$3.25 billion to support development projects there which will be agreed upon with the Yemeni side," he said at the opening of the Friends of Yemen meeting.

Yemeni Prime Minister Mohammed Basindawa urged at the meeting for aid for his country which was rocked by an uprising last year that forced former strongman Ali Abdullah Saleh to step down in February.

"The hope is in the political and economic support needed to overcome the transitional period and put an end to the budget deficit," Basindawa said. "We seek your help, don't fail us."

Seven aid groups on Wednesday warned Western diplomats that Yemen was on the brink of a "catastrophic food crisis" and urged them to bolster efforts to salvage the situation.

"Yemen is on the brink of a catastrophic food crisis," the seven agencies which include Oxfam, CARE and Save the Children, said in a joint statement released ahead of Wednesday's meeting.

At least 10 million people, some 44 percent of the population, do not get "enough food to eat", the aid agencies said, adding that one in three children was "severely malnourished."

Yemen is expected to ask donors for about $10 billion in urgent aid at the one-day meeting.

Twenty-seven countries, including the six oil-rich Gulf Cooperation Council states, the United States and Britain, as well as international organisations, are attending the meeting.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 19, 2014
KUWAIT. The global Islamic finance industry reached approx. US$1.9 trillion in assets as at end 1H2014; The report analyses the role of Islamic finance in supporting economic growth.
date:Posted: September 18, 2014
INTERNATIONAL. We have entered a new chapter in the history of central banking. This paradigm shift changes the policy tools that have traditionally defined the sphere of macroeconomic decision-making; We have built an economy that is now so leveraged that it needs zero percent interest rates just to tread water.
date:Posted: September 18, 2014
INTERNATIONAL. World Bank report spells out the repercussions of the political uncertainty and restrictions on movement and access and recommends remedial actions by all parties.
SAUDI ARABIA. Saudi Arabia will need to keep cutting oil output to sustain prices above US$100 a barrel, according to BNP Paribas and Societe Generale; "We are swimming in crude, and they know that better than anyone because they are the biggest exporter."
dhgate