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Saudi Arabia pledges $3 billion to support the Yemeni Economy

Saudi Arabia pledges $3 billion to support the Yemeni Economy

Yemeni President Abd Rabbuh Mansour Hadi handed over all his presidential powers to a new presidential leadership council led by Rashad Al-Alimi, a former minister and advisor to Hadi, in a move to unify the ranks of the camp that has been fighting the Houthis in the country for more than seven years.

Hadi also relieved his deputy, Ali Mohsen al-Ahmar, from his position and transferred his powers to the council.

Meanwhile, Saudi Arabia welcomed the Yemeni president’s decision to transfer power to the new presidential leadership council and decided to provide urgent support to the Yemeni economy for $3 billion.

In a televised speech, Yemeni President Abd Rabbo Mansour Hadi, who resides in Riyadh, Saudi Arabia, announced Thursday the formation of a presidential leadership council in his country, according to which he will hand over his powers, to unify the ranks of the camp that has been fighting the Houthis in the country for more than seven years.

The Presidential Council will consist of eight members and will be headed by Rashad al-Alimi, a former minister and advisor to Hadi. In addition to the president’s powers, the council will receive the powers of Vice President Ali Mohsen al-Ahmar, who was also relieved by Mansour of his post.

Saudi Arabia welcomed the Yemeni president’s decision to transfer power to the new presidential leadership council and decided to provide urgent support to the Yemeni economy with an amount of $3 billion, including $2 billion, divided equally between it and the UAE, in support of the Central Bank of Yemen. It also said that it would provide $300 million to support the UN response to the humanitarian crisis in Yemen.

Riyadh also called for an international conference to mobilize the necessary financial resources to support the Yemeni economy and the central bank and to provide oil derivatives and urged the Yemeni Presidential Leadership Council to start negotiations with the Houthis under the supervision of the United Nations to reach a final political solution.

Saudi Crown Prince Mohammed bin Salman received the President and members of the Presidential Leadership Council, according to the Saudi Press Agency.

The prince, who has also been in charge of the Ministry of Defense since the beginning of his country’s military intervention in Yemen, expressed his aspiration “that its establishment will contribute to the beginning of a new page in Yemen that will move it from war to peace and development.”

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