Saudi oil derivative aid to save Yemen $2 mln a day: report

The $60 million Saudi oil derivatives grant to Yemen will save about $2 million per day and will address the daily needs of the local population, Arab News reported citing Dr. Mohamed Zemam, Governor of the Central Bank of Yemen.

“The Saudi grant will fill the deficit in this year’s Yemeni budget at a time when the budget deficit for the first nine months of 2018 reached $2 billion. It will save the state an amount it used to pay for oil derivatives,” Zemam said.

“A total of 8.5 million Yemenis will benefit from this grant,” he added.

The Saudi grant of oil derivatives reached the Port of Aden on Oct.29, carrying 62,000 tons of diesel and 25,000 tons of diesel oil. It will be distributed to ten Yemeni provinces and will help to operate 64 power stations around the clock under the supervision and monitoring of the Yemeni government.