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FINANCIAL NEWS
Saudi Arabia agrees to award Yemen USD1b aid
30 Aug 2012
(MENAFN) The Saudi Fund for Development agreed to award Yemen USD1 billion to help Yemen stabilize its national currency and overcome its economic hurdles, Saudi Gazette reported.
Yemen Planning and International Cooperation Minister Muhammad Al-Sady said the agreement will be inked on the sidelines of the donor conference planned to be held in Riyadh on Sept. 4-5
Al-Sady said also that his country needs USD11 billion in foreign aid, as the nation tries to rebuild its ailing economy and go through a complex political transition.
The minister added that Yemen will enter in talks with other potential donors to provide aid after the Saudi initiative.
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