Saudi Arabia announces $2 billion bailout for Yemen govt

Agencies
January 17, 2018

Riyadh, Jan 17: Saudi Arabiaannounced on Wednesday it would transfer $2 billion to Yemen's central bank, following desperate calls for a financial rescue from the beleaguered government it has supported militarily for nearly three years.

The bailout aims to curb the fall in value of the Yemeni riyal, which has plummeted as the war between the Saudi-backed government and Huthi Shiite rebels who control the capital Sanaa and much of the north has dragged on.

"To address the deteriorating economic situation faced by the Yemeni people as a result of the actions of the Iranian-backed Huthi militias, King Salman bin Abdulaziz has issued a directive to transfer a $2 billion deposit to the central bank of Yemen," the Saudi interior ministry said.

The riyal currently trades at 500 to the dollar, down from around 215 before the war, a serious depreciation for a country that relies heavily on imports of basic foodstuffs.

In 2016, the Yemeni government moved the central bank to second city Aden from the capital where the rebels operate their own rival central bank.

More than one million civil servants lost their jobs in the bank transfer, and both the Sanaa and Aden central banks have struggled to pay salaries.

Saudi Arabia, which itself faces a hefty budget deficit, has led a military coalition in support of the government since March 2015.

But as the intervention nears its fourth year, the government's authority is still largely confined to the south.

The conflict has left more than three-quarters of Yemenis in need of humanitarian aid and some 8.4 million at risk of famine, the UN humanitarian affairs office said on Tuesday

In a post on Facebook, Prime Minister Ahmed bin Dagher shared a letter urging the government's backers to transfer cash to the central bank to "save Yemenis from famine".

President Abedrabbo Mansour Hadi reached out to Saudi Crown Prince Mohammed bin Salman over "the economic challenges Yemen faces" in a telephone call on Tuesday, Yemen's government-run Saba news agency said.

Saudi Arabia, the world's largest exporter of oil, has posted large budget deficits in the past four fiscal years as a 2014 slide in crude prices has hit revenues.

Despite introducing new taxes and cutting spending, the kingdom does not expect to balance its books before 2023.

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News Network
April 26,2024

A 91-year-old woman passed away minutes after casting her vote in Karnataka's Hunsur on Friday, April 26. Hunsur comes under Mysuru Lok Sabha constituency. Despite her advanced age, Puttamma exercised her democratic right.

Voting held on Friday in 14 constituencies in Karnataka. Polling began at 7 am and will ended at 6 pm.

Chende artiste Manohar dies 

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Chende artiste Manohar (58) died of cardiac arrest after exercising his franchise in Kodagu district.

He had cast his vote at B Shettigeri polling station in Ponnampet taluk. Later, Chende artiste Manohar (58) reportedly collapsed after coming out of the polling booth. Though he was rushed to hospital, doctors declared him brought dead.

Ponnampet Tahsildar Mohankumar said “Manohar had come out of the polling booth and collapsed 200 metres away from the booth.

For the uninitiated, Chende (also known as Chenda) is a cylindrical percussion instrument widely used in cultural events in Tulu Nadu of Karnataka and Tamil Nadu in India.

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News Network
April 16,2024

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New Delhi:  Twenty-nine Maoists, including a senior rebel leader - Shankar Rao, who had a bounty of ₹ 25 lakh on his head - were killed by security forces during an encounter in Chhattisgarh's Kanker district on Tuesday afternoon. A huge quantity of weapons, including Ak-47 and INSAS rifles, were recovered. 

Three security personnel were injured in the gunfight, which took place in forests near the village of Binagunda after a joint team of District Reserve Guard and Border Security Force were attacked.

Two of the three injured are from the BSF. Their condition is stable but the third - from the DRG - is in critical care. All three received treatment at a local hospital and are to be shifted to a larger facility.

Sources said the fighting began at around 2 PM, when a joint DRG-BSF team was conducting an anti-Maoist operation. The DRG was set up in in 2008 to combat Maoist activities in the state, and the Border Security Force has been deployed extensively in the area to for counter-insurgency ops.

There was another encounter in the district last month, in which two people - a Maoist and a cop - were killed, and security forces recovered a gun, some explosives, and other incriminating materials.

Personnel from the DRG and Bastar Fighters, both units of the state police force, with the Border Security Force, were involved in that operation, officials told news agency PTI. The patrolling team was cordoning off a forested area when fired on indiscriminately, leading to the gun battle.

In November last year, while the state was voting in the first phase of an Assembly election, a gunfight broke out between security forces and Maoist rebels in the same district.

An Ak-47 rifle was recovered from the encounter site.

On the same day, while polling was taking place, Maoists fired at DRG personnel deployed near a polling station in Banda in Dantewada district.

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News Network
April 24,2024

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Ambikapur (Chhattisgarh): Prime Minister Narendra Modi on Wednesday hit out at the Congress, saying the 'vote bank hungry' party wanted to implement reservation on the basis of religion.

Addressing a poll rally in Ambikapur, the headquarters of Surguja district in Chhattisgarh, PM Modi also said the Congress wanted to impose inheritance tax in the country and snatch the rights of people's children.

Some forces want a "weak" government of the Congress and "I.N.D.I." alliance in the country as they thought that if India becomes 'atmanirbhar' (self-reliant), their shops will be shut, he said.

"Today when I have come to Surguja, I want to present the Muslim League thinking of the Congress in front of the country. When their manifesto was released, on the same day I had said, and saying today also that the Congress manifesto has the imprint of Muslim League," Modi said.

When the Constitution was being drafted, it was decided under the leadership of Babasaheb Ambedkar that there would be no reservation on the basis of religion in India, he said.

"If there will be reservation then it will be for by Dalit brothers and sisters and tribal brothers and sisters," he said.

"But the vote bank hungry Congress never cared about the words of the great personalities, sanctity of the Constitution and the words of Babasaheb Ambedkar. Years ago, the Congress made an attempt to implement reservation on the basis of religion in Andhra Pradesh. Then Congress has planned to implement it in the entire country," Modi said.

They talked about implementing 15 per cent reservation on the basis of religion and said it will be done after curtailing the quota of the Scheduled Castes, Scheduled Tribes and Other Backward Classes, he added.

In its 2009 manifesto, Congress's intention was the same and in the 2014 manifesto, it clearly said it will not leave this issue, the prime minister said.

The Congress wanted to change the Constitution and hand over rights of the SCs, STs and OBCs to its vote bank, he said.

The intention of the Congress is not good, it is not according to the Constitution, social justice and secularism. If anyone can protect your reservation, it is the BJP, Modi said.

"The Congress's eyes are not only on your reservation, but also on your earnings, your houses, shops and farms. The 'shehzada' of Congress (apparently referring to Rahul Gandhi) says they will conduct an X-ray of the property of every house and every family in the country. The Congress will snatch all these from you and they say that they will equally distribute them," he said.

Do you know to whom they will distribute it after 'looting' it from you? Modi asked, to which the people replied in affirmative.

"I need not to tell you to whom they will distribute," he added.

Modi further said the 'dangerous intentions' of Congress are coming to forth one by one and now it says it will impose inheritance tax.

"The advisor of shehzada of the shahi parivar, who was also the advisor to the shehzada's father, had said that more tax should be imposed on the middle class and those who earn by toiling hard. Now the Congress says it will impose inheritance tax. It will impose tax on the assets inherited by people from their parents. Now, the panja (Congress poll symbol) will snatch the assets from your children," he said without taking any name.

The Congress' mantra is 'loot of Congress zindagi ke sath bhi, zindagi ke baad bhi', he said.

"They (Congress) want to snatch your assets and rights of your children," Modi added.

The PM also said he had come to seek people's blessings for a developed Chhattisgarh and a developed India.

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