Barran Press
Yemeni Prime Minister Ahmed Awad bin Mubarak has announced a "comprehensive economic rescue plan" in response to the current economic challenges facing the country. The plan will be implemented in collaboration with Yemen's development partners, including donor countries and organizations.
During a meeting with the Economic and Social Committee of the Consultation and Reconciliation Authority in Aden, the temporary capital of Yemen, Prime Minister bin Mubarak emphasized the need for a unified approach to address the economic crisis.
He instructed government ministries and agencies to cooperate and coordinate with the Economic and Social Committee to implement the plan, highlighting the importance of collaboration with Yemen's development partners.
Bin Mubarak acknowledged the crucial role of the committee and the Consultation and Reconciliation Authority in supporting the government's efforts to implement economic, financial, and administrative reforms. These reforms focus on enhancing transparency, accountability, and combating corruption.
He stressed the importance of a unified vision and approach to address the economic challenges in a realistic and objective manner, prioritizing needs and supporting the government's ongoing reforms. This, he said, would contribute to alleviating the suffering of the Yemeni people.
According to the official Yemeni news agency Saba, Prime Minister bin Mubarak presented a comprehensive overview of the economic challenges facing the country, exacerbated by Houthi attacks on oil export facilities.
He also discussed the government's priorities and vision for addressing these challenges, outlining the measures taken to mitigate the resulting consequences.
"The economic battle in these circumstances is no less important than the military battle to complete the restoration of the state and end the Iranian-backed Houthi coup," bin Mubarak stated, emphasizing the impact of the economic crisis on the lives and livelihoods of the Yemeni people.
During the meeting, the Prime Minister listened to a presentation by the deputy head of the Consultation and Reconciliation Authority and the head and members of the Economic and Social Committee, outlining the committee's work and vision for providing political support to the government in implementing economic solutions, decisions, and reforms.
The internationally recognized Yemeni government is facing significant economic challenges, exacerbated by the halt in oil exports following Houthi attacks on oil export ports in late 2022. The government's revenue sources have been further depleted due to the dispersal of alternative revenue streams, such as tax and customs revenues, which could have partially offset the lost resources.
In early July, the World Bank warned of the repercussions of the ongoing oil export halt. A report by the bank highlighted the significant deterioration of the internationally recognized government's public finances in 2023, with revenues declining by over 30% due to the sharp drop in oil revenues and a decline in customs revenues as imports were redirected from Aden to ports under Houthi control.