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Foreign aid to flow to Yemen

May 24, 2012 at 8:03 AM

SANAA, Yemen, May 24 (UPI) -- Saudi Arabia and other donor countries pledged more than $4 billion in aid to Yemen at the "Friends of Yemen" conference in Riyadh, officials said.

In the midst of a debilitating economic, social, humanitarian and political crisis, Yemen's coalition government called on its partners in the region and worldwide to come to its rescue by releasing financial assistance.

British Foreign Office Minister Allistair Burt Wednesday said, "More than $4 billion was pledged today."

Saudi Arabia said early in the Riyadh conference it would give the impoverished nation $3.25 billion in aid, covering more than 80 percent of the total pledged recovery funds, the Yemen Post said Thursday.

The Saudi foreign minister said in a statement his country is committed to fund and guarantee Saudi exports and deposit funds into the Central Bank of Yemen.

Yemeni Planning and International Cooperation Minister Mohammed al-Saedi said at the conference his country needed an initial $2.17 billion to help stabilize the economy and address the humanitarian crisis, Mareb Press said.

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