Egypt allocates $97m budget for restoration of antiquities

Egypt allocates $97m budget for restoration of antiquities

AL-MUKALLA: The Yemeni riyal rose against the dollar on Wednesday for the first time in months, less than a day after Saudi Arabia announced $1.2 billion in aid to save Yemen’s economy. 

The beleaguered currency jumped from 1,420 against the dollar on Tuesday morning to 1,392 on Wednesday, according to money traders in government-controlled areas.

Yemen’s riyal has been in free-fall for months, amid reports of stalled peace efforts and a halt to crude exports, the country’s primary revenue source.

Several cash injections by Saudi Arabia in the past allowed the riyal to recuperate briefly before relapsing due to political and economic conditions in the country. 

Mohammed Al-Jaber, the Kingdom’s ambassador to Yemen, announced $1.2 billion in financial aid on Tuesday to shore up the Yemeni currency, bolster the economy, and help the country pay its public employees, as well as for food and fuel imports.

Yemeni government officials and the public have greeted the Saudi package and thanked the Kingdom for its repeated humanitarian and economic interventions to prevent the collapse of the country.

Rashad Al-Alimi, head of the Presidential Leadership Council, said that Saudi financial aid demonstrates the Kingdom’s firm support for the Yemeni people and their legitimate government.

The assistance will alleviate suffering in