Saudi Arabia's Extensive Support For Yemen: A Model For Achieving Stability And Development

A Saudi Development and Reconstruction Program for Yemen (SDRPY) delegation, led by Eng. Hassan Al-Attas, participated in a World Bank roundtable titled "Enabling Jobs in Fragile and Conflict-Affected Environments: a Roundtable on Stimulating Private Investments." This event was held alongside the International Monetary Fund (IMF) and World Bank annual meetings in Washington.

Al-Attas expressed gratitude to the World Bank Group for hosting the roundtable, which gathered leaders and policymakers from various nations. He highlighted Saudi Arabia's significant role in supporting Yemen's economic stability, with contributions exceeding $26 billion over past decades. This support includes development, economic, and humanitarian aid.

Since 2018, Saudi Arabia has provided direct deposits and grants to Yemen's Central Bank and Ministry of Finance. This includes a $2 billion deposit for basic food imports and additional support estimated at over $12 billion between 2012 and 2025. These efforts have helped alleviate pressure on Yemen's budget and stabilize its economy.

The financial assistance has also limited the depletion of foreign currency reserves by providing oil derivative grants. This has stabilized markets, improved liquidity, and enabled private sector operations. Al-Attas emphasized that these measures have been crucial in maintaining economic balance in Yemen.

Al-Attas reviewed SDRPY's development experiences, highlighting their focus on three main areas: government sector support, infrastructure investment, and human capital development. The program aims to strengthen institutions, reduce foreign reserve depletion, and enable ministries to implement efficient policies.

The SDRPY has implemented over 265 development projects across 16 Yemeni governorates. These projects cover eight vital sectors with direct supervision from five executive offices. The total cost of these initiatives is approximately $1.145 billion.

Bilateral Meetings for Cooperation

The SDRPY delegation engaged in several bilateral meetings to enhance international cooperation for sustainable development in Yemen. They met with Yemeni Minister of Planning Dr. Waed Abdullah Badhib and Suhail Al-Saeed from Saudi Arabia's office at the World Bank Group.

Additionally, discussions were held with Märten Ross from Estonia's Ministry of Finance and Dr. Jeehan Abdul Ghaffar from the World Bank Group board of directors. These meetings aimed to foster joint efforts towards achieving sustainable development goals in Yemen.

With inputs from SPA