Saudi Arabia welcomes decision to delegate powers to Presidential Leadership Council

Agencies | Riyadh

The Daily Tribune – www.newsofbahrain.com

Saudi Arabia has welcomed the announcement of Yemeni President Abd-Rabbo Mansour Hadi based on the Yemeni constitution and the Gulf initiative to establish a Presidential Leadership Council and to delegate all the president's powers to it.

Saudi Arabia said that its support stems from its continuous endeavors to promote peace and stability in Yemen and reach a comprehensive political solution among Yemeni parties that will achieve peace, development and prosperity for Yemen and its people.

The kingdom stressed its full support for the Presidential Leadership Council and its assisting entities to empower it to implement effective policies and initiatives that would achieve security and stability in Yemen and end the Yemeni crisis.

In this regard, Saudi Arabia announced a decision of urgent support to the Yemeni economy with a total value of $3 billion, Saudi Press Agency (SPA) reported.

According to the news agency, $2 billion will be offered jointly by Saudi Arabia and the United Arab Emirates, in support for the Yemeni Central Bank, while $1 billion will be from Saudi Arabia and will include $600 million to the fund to buy oil derivatives and $400 million to support development projects and initiatives.

Saudi Arabia will also offer $300 million to fund the humanitarian response plan announced by the UN in 2022 to alleviate the suffering of the Yemeni people and improve their living and service conditions.

Riyadh also called for holding an international conference to garner financial resources necessary to support the Yemeni economy and the Yemeni Central Bank and to provide oil derivatives.

Saudi Arabia urged the Presidential Leadership Council to embark on negotiations with the Houthis under the auspices of the UN to reach a final and comprehensive political solution that includes a transitional period moving Yemen into peace and development that will allow Yemenis to enjoy security and stability.