Saudi oil derivatives grant to spare Yemen $2m a day

Thu, 2018-11-01 02:22

JEDDAH: The governor of the Central Bank of Yemen, Dr. Mohamed Zemam, has said that the granting of Saudi oil derivatives worth $60 million addresses the daily needs of the Yemeni people.

He noted that this move will save about $2 million a day or YR1,400 billion. It will save YR42 billion a month and YR504 billion a year.

“The Saudi grant will fill the deficit in this year’s Yemeni budget at a time where the budget deficit for the first nine months of 2018 reached YR461 billion,” Zemam said. “It will save the state an amount it used to pay for oil derivatives.”

The Saudi grant of oil derivatives reached the port of Aden carrying 62,000 tons of diesel, 25,000 tons of diesel oil. It will be distributed to 10 Yemeni provinces and will help to operate 64 power stations around the clock under the supervision and monitoring of the Yemeni government.

A total of 8.5 million Yemenis will benefit from this grant, Zemam said. 

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