Barran Press
Ahmed bin Mubarak, Prime Minister of the internationally recognized Yemeni government, announced on Monday, June 10, 2024, that there are "promising results" following up on the support and pledges from Saudi Arabia and the UAE to bolster Yemen's struggling economy.
Speaking at the second general meeting of the Consultation and Reconciliation Commission in Aden, the temporary capital, Bin Mubarak emphasized that the continued Saudi-Emirati support is "linked to the state's performance, reforming the administrative and financial conditions, and ensuring security and political stability." He outlined the government's shift from "support and aid" to a "partnership and mutual interests" approach.
The Prime Minister highlighted the government's focus on addressing the economic and political realities facing Yemen, emphasizing their commitment to supporting the recent decisions made by the Central Bank. He stressed the government's "integrated" work with the bank to create an environment conducive to implementing these decisions, which aim to protect the banking sector and stabilize the national currency.
Bin Mubarak acknowledged the challenges posed by the Houthi group, internationally designated as a terrorist organization, and their ongoing war against the Yemeni government. He underscored the government's efforts to alleviate the suffering of citizens, rebuild infrastructure, and confront the Houthis' economic, military, and political challenges.
The Prime Minister emphasized the government's commitment to implementing reforms, including activating legal frameworks, promoting transparency and accountability, strengthening state institutions, and addressing issues like fuel supply and electricity provision through transparent tenders. He stressed that these reforms are "irreversible" and represent the path to improving the situation in Yemen.
Bin Mubarak also highlighted the importance of restoring the state, ending the Houthi coup, and defeating the Iranian-backed Houthi project in Yemen. He called this the "main issue" to which the nation's fate is tied, and the core mission of political elites and state authorities.
The Prime Minister's remarks follow a recent visit to the UAE and Saudi Arabia, where he discussed support for his government's reform program. These consultations focused on alleviating the burden of living conditions exacerbated by Houthi attacks on oil installations and shipping lines.
The Yemeni economy faces a severe monetary crisis, with the local currency at its lowest level against foreign currencies in government-controlled areas. This crisis has been exacerbated by the Houthi-imposed monetary division and their attacks on oil export ports.
The Central Bank of Yemen in Aden has taken steps to protect the banking sector, including stopping dealings with six banks and calling for depositing old-edition paper money. These measures aim to mitigate the economic fallout from the Houthi's actions and stabilize the Yemeni economy.