I want to share some good news today. The second batch of the Saudi oil derivatives grant provided to Yemen has arrived at the port of Mukalla in Hadramout. The 23,000 metric tons of oil derivatives will meet the demands of power plants in the southeastern province. The $422 million grant provided by the Kingdom will help provide economic and social stability for the Yemeni people. According to Basliman, the grant will lessen demands on the Yemeni government’s budget, reduce the depletion of hard currency in Yemen’s Central Bank with which to purchase oil derivatives from global markets, help to stabilize the Yemeni riyal’s exchange rate and fuel prices against the US dollar, improve vital services, and provide job opportunities, as well as improving the standard of living in the country by reducing the frequent power cuts. The Kingdom’s support “will have a positive impact on the economic, health, educational and service fields,” a statement reported by the SPA said.

Source:https://www.arabnews.com/node/1882211/saudi-arabia

r/MiddleEastNews - Saudi Arabia delivers the second batch of oil derivatives grant to Yemen



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