As the plight of migrants from destabilised countries dominates the media, our other special friend inflicts a far higher death toll
Will Saudi Arabia’s financial ‘strains’ end their devastation of Yemen?
In June a barrage of news accumulated about Saudi Arabia, aka Britain’s biggest arms market last year, and a brief overview of the last quarter was given on this site.
A month later, Fahad al-Mubarak, the governor of the Saudi Arabian Monetary Agency, said in that Riyadh had issued its first $4bn in local bonds. Simeon Kerr and Anjli Raval of the FT see the country’s plan to raise $27bn by the end of the year, as the “starkest sign yet of the strain lower oil prices are putting on the finances of the world’s largest oil exporter”. They add:
“Saudi Arabia’s resort to further domestic borrowing highlights the challenges facing the region’s largest economy amid one of the steepest falls in the oil price in recent decades”.
Economists estimate their deficit will reach SR400bn this year amid falling revenues and spending commitments, including the continuing war in Yemen. Detail here.
Earlier this month the Telegraph surmised that Saudi Arabia might ‘go broke’ before the US oil industry buckles. It quotes the CIA explanation for this aggressive, destructive behaviour:
“The Saudi royal family is leading the Sunni cause against a resurgent Iran, battling for dominance in a bitter struggle between Sunni and Shia across the Middle East. “Right now, the Saudis have only one thing on their mind and that is the Iranians. They have a very serious problem. Iranian proxies are running Yemen, Syria, Iraq, and Lebanon,” said Jim Woolsey, the former head of the US Central Intelligence Agency”.
Update, destruction and death dealing unabated:
Yesterday, Ben Norton reported that approximately 4,500 people, many civilians, have been killed in Yemen since the Saudi-led coalition began bombing 150 days ago, according to the UN. 23,000 more have been wounded.
13 Yemeni teaching staff and four children were killed by a Saudi air strike on August 20. Two days before, coalition bombing in the Amran province took the lives of 17 civilians, injuring 20 more. UNICEF condemned what it called the “senseless bloodshed.” A Red Cross spokeswoman said the violence in Ta’iz, in southern Yemen, in just one day on August 21 left 80 people dead.
To our shame and theirs, with weapons bought from Britain and other arms dealers and troops also trained by their allies, the Saudis continue to lay Yemen waste.
Posted on August 29, 2015, in Arms trade, Conflict of interest, Corporate political nexus, Exports, Finance, Foreign policy, Government, Legal issues, Military matters, Parliamentary failure, Vested interests, warfare and tagged Ben Norton, CIA, Iran, Iraq, oil prices, Sunni, Syria, Yemen. Bookmark the permalink. Leave a comment.