Saudi Arabia announces $2 billion bailout for Yemen govt

Agencies
January 17, 2018

Riyadh, Jan 17: Saudi Arabiaannounced on Wednesday it would transfer $2 billion to Yemen's central bank, following desperate calls for a financial rescue from the beleaguered government it has supported militarily for nearly three years.

The bailout aims to curb the fall in value of the Yemeni riyal, which has plummeted as the war between the Saudi-backed government and Huthi Shiite rebels who control the capital Sanaa and much of the north has dragged on.

"To address the deteriorating economic situation faced by the Yemeni people as a result of the actions of the Iranian-backed Huthi militias, King Salman bin Abdulaziz has issued a directive to transfer a $2 billion deposit to the central bank of Yemen," the Saudi interior ministry said.

The riyal currently trades at 500 to the dollar, down from around 215 before the war, a serious depreciation for a country that relies heavily on imports of basic foodstuffs.

In 2016, the Yemeni government moved the central bank to second city Aden from the capital where the rebels operate their own rival central bank.

More than one million civil servants lost their jobs in the bank transfer, and both the Sanaa and Aden central banks have struggled to pay salaries.

Saudi Arabia, which itself faces a hefty budget deficit, has led a military coalition in support of the government since March 2015.

But as the intervention nears its fourth year, the government's authority is still largely confined to the south.

The conflict has left more than three-quarters of Yemenis in need of humanitarian aid and some 8.4 million at risk of famine, the UN humanitarian affairs office said on Tuesday

In a post on Facebook, Prime Minister Ahmed bin Dagher shared a letter urging the government's backers to transfer cash to the central bank to "save Yemenis from famine".

President Abedrabbo Mansour Hadi reached out to Saudi Crown Prince Mohammed bin Salman over "the economic challenges Yemen faces" in a telephone call on Tuesday, Yemen's government-run Saba news agency said.

Saudi Arabia, the world's largest exporter of oil, has posted large budget deficits in the past four fiscal years as a 2014 slide in crude prices has hit revenues.

Despite introducing new taxes and cutting spending, the kingdom does not expect to balance its books before 2023.

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Agencies
July 16,2020

Riyadh, Jul 16: Prince Abdul Aziz bin Saud bin Naif, minister of interior and chairman of the Hajj Supreme Committee, chaired a virtual meeting on Wednesday with the heads of  security agencies and officials in charge of this year’s Hajj season.

During the meeting, the minister and security officials discussed organizational issues related to Hajj, including preventive and precautionary steps related to fighting the coronavirus disease, procedures related to pilgrims commuting to the holy sites, and mechanisms to facilitate performing the Hajj rituals.

Prince Abdul Aziz confirmed abiding by the directives of King Salman and Crown Prince Mohammed bin Salman to take all precautions to preserve the safety of the pilgrims, and facilitate their performance of their Hajj rituals, according to the highest health standards to contain the new coronavirus pandemic.

Saudi Arabia has decided to allow only a limited number of domestic pilgrims to perform Hajj this year in the wake of the COVID-19 outbreak.

Only those expatriates between the ages of 20 and 50 who are not suffering from any chronic diseases can apply for the pilgrimage.

Earlier, the Ministry of Hajj and Umrah said that requests from people of 160 nationalities in the Kingdom have been screened electronically to select who will perform Hajj this year.

Of the pilgrims who will receive approval, 70 percent will be non-Saudis residing in the Kingdom and the remaining 30 percent will be Saudi citizens.

Meanwhile, the Ministry of Interior said that anyone found entering the sites of Hajj (Mina, Muzdalifah and Arafat) without a permit from July 18 till the end of Dhu Al-Hijjah 12 will be issued with a fine of SR10,000 ($2,600).

The fine will be doubled if the offence is repeated. Security personnel will be posted on roads leading to the holy sites to ensure that anyone who breaks the law will be stopped and fined.

Around 2.5 million foreign and domestic pilgrims performed Hajj last year.

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News Network
May 19,2020

Dubai, May 19: In a heart-warming decision to reunite families that have been split by anti-Covid travel restrictions, the UAE has announced that residents with valid visas stranded outside the country can return from June 1.

The Ministry of Foreign Affairs and International Cooperation and the Federal Authority for Identity and Citizenship said they will begin the process on Monday, June 1, by allowing the return of those residency holders currently stranded outside the country who have relatives in the UAE. Residents who meet this criteria must apply for a Resident Entry Permit on smartservices.ica.gov.ae.

The ministry and the authority said the decision was taken to reunite families that have been affected by the anti-coronavirus measures taken due to the exceptional circumstances.

"The UAE is keen to facilitate the procedures for holders of UAE residency visas who are stuck outside the country and reunite them with their families who were affected by the precautionary measures taken by the country in light of the current exceptional circumstances to combat Covid-19," the federal authorities were quoted by state news agency Wam.

Hundreds of UAE residents are currently stuck abroad and are separated from their families due to the unexpected freeze on air travel imposed by many countries as precautionary measures to curb the spread of coronavirus.

The #BringBackUAEresidents hashtag was trending on Twitter on Monday as several residents and families requested the government to expedite their return to the UAE.

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News Network
January 1,2020

New Delhi, Jan 1: Prevention of Money Laundering Act (PMLA) court in Mumbai has allowed banks that lent money to embattled liquor tycoon Vijay Mallya to utilize seized assets, news agency reported today quoting sources from the Enforcement Directorate (ED). The court also said all parties affected by the order can appeal at the Bombay High Court till January 18.

Last month, a consortium of Indian banks petitioned a London court for ex-billionaire Vijay Mallya to be declared bankrupt over ₹9,000 crore in unpaid debts. It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd, faces extradition to his home country of India.

Mallya had fled India in March 2016 and has been living in the United Kingdom since then. The 64-year-old former Kingfisher Airlines is fighting extradition to India in relation of fraud and money laundering allegations arising out of the debt acquired from the banks.

Mallya remains on bail pending the UK High Court appeal hearing in the extradition proceedings brought by India in relation to fraud and money laundering charges amounting to ₹9,000 crores. He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then.

He was granted permission to appeal against his extradition order, which is scheduled in the Royal Courts of Justice in London for February.

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