Saudi Arabia transfers Yemen $2 billion to save local currency from 'complete collapse'

Saudi Arabia's King Salman ordered the transfer of $2 billion to Yemen on Wednesday, a day after Yemen's Saudi-backed prime minister made an urgent appeal on the kingdom and its allies to save the local currency from "complete collapse."

Prime Minister Ahmed Obeid bin Daghir had called on the kingdom and its allies to act "now, not tomorrow," and said saving the Yemeni rial means "saving Yemenis from inevitable famine." In his letter, he said Yemen needed a bailout.

For nearly three years, a Saudi-led coalition backed by the United States has been carrying out airstrikes in Yemen against Iranian-allied rebels, known as Houthis, after the rebels overran the capital of Sanaa and forced Yemen's government into exile.

The war has killed more than 10,000 civilians, displaced some 2 million people and pushed millions to the brink of famine. The United Nations calls Yemen the world's worst humanitarian crisis.

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