Barran Press
In his first statement since rescinding his resignation in July, Ahmed Al-Maabqi, the Governor of the Central Bank of Yemen, announced on Thursday, October 24, 2024, that Yemen has lost over $6 billion in domestic resources over the past 30 months. This loss is attributed to the cessation of oil and gas exports due to Houthi attacks on ports and tankers.
Al-Maabqi made these remarks during a meeting of central bank governors and finance ministers from the Middle East, North Africa, and Pakistan, held on the sidelines of the 2024 annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington.
In his address, which was led by Kristalina Georgieva, the IMF Managing Director, Al-Maabqi highlighted the unprecedented humanitarian crisis facing Yemen, exacerbated by nearly ten years of war and unfavorable regional and international developments.
He pointed out that the targeting of international shipping in the Red Sea has significantly increased transportation and insurance costs, disrupted supply chains, and contributed to rising poverty levels, which now exceed 80% in Yemen.
The Governor called for urgent support for Yemen and urged the international community to utilize financing programs offered by the IMF for countries facing similar crises.
On October 23, 2024, Yemen's Finance Minister, Salem Bin Bureik, and Governor Al-Maabqi held extensive meetings in Washington to explore financial resources from the Arab and International Monetary Funds to address the current financial and economic crisis.
According to the Yemeni news agency Saba, the officials discussed collaborative opportunities for securing financial resources to alleviate the impacts of the ongoing crisis, including addressing existing debts and finding solutions for overdue loan payments.
Additionally, Governor Al-Maabqi met with the new IMF mission chief for Yemen, Esther Pérez Ruiz, to discuss the financial situation amid severe government resource shortages and increasing demand for foreign currency.
In his previous role, Al-Maabqi announced his resignation on July 23, 2024, following the Yemeni government’s reversal of recent decisions by the Central Bank regarding banking sector regulations. However, he later withdrew his resignation with the unanimous support of the Presidential Leadership Council.