A senior Yemeni government source announced recently that the 13th annual meeting of the Yemeni-Saudi Coordination Council is scheduled to be held in Sanaa, Yemen, on June 20. On the agenda are ways of settling the $231-million Yemeni debt to Saudi Arabia.
Despite this outstanding debt, the Saudi Development Fund has received a Yemeni request for another $300 million loan to finance energy, water, dams, and vocational training projects in the country.
The Saudi deputy prime minister and minister of defense, Emir Sultan Bin Abdul-Aziz, is soon due to arrive in the Yemeni capital for the meeting, accompanied by a large Saudi delegation, according to in Al-Hayat daily.
Yemen has paid a heavy price for its political support of Baghdad during the 1990-1991 Gulf crisis, following Iraq's invasion of Kuwait. However, Saudi-Yemeni relations gradually improved in the past five years until a border agreement was signed earlier this year, sealing a normalization of ties between the two countries.
Official statistics estimate the volume of exchanges between Yemen and Saudi Arabia at 37 billion Saudi riyals per annum ($9.86 billion) — 90 percent of which are Saudi exports to Yemen. Saudi Arabia has been Yemen’s largest trade partner for several years. ― (MENA Report)
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