On Monday, October 28, 2024, Rashad Al-Alimi, Chairman of Yemen's Presidential Leadership Council, underscored the critical role of the commercial sector in supporting government efforts to curb inflation, maintain service and commodity stability, and improve the national currency's position.

This statement was made during a meeting at the Maasheeq Palace in Aden, the country's temporary capital, with Council member Abdullah Al-Alimi, the head of the Aden Chamber of Commerce and Industry, Abu Bakr Baaboud, and various business leaders.

According to the official Yemeni news agency Saba, the meeting featured an open discussion where attendees expressed their commitment to support government decision-makers. They shared ideas and insights on various issues, responding responsibly to urgent economic developments and the recent fluctuations in the national currency, as well as their humanitarian impacts on citizens' livelihoods.

Al-Alimi reiterated the Council's and the government's dedication to maintaining continuous communication with the private sector, viewing it as a leader in development across various sectors. He highlighted the private sector's valuable contributions to the national economy and its efforts to alleviate the humanitarian suffering exacerbated by Houthi terrorist attacks on oil facilities and international shipping routes.

The Chairman also outlined a series of coordinated measures with all authorities aimed at accelerating the implementation of an economic rescue plan, taking necessary steps to address the public budget deficit, curb currency speculators, and monitor markets to prevent monopolies, thereby mitigating the adverse effects of price volatility on living conditions.

He emphasized the commitment to provide all necessary facilitation for the private sector and to enhance its leading role in the development process, aiming for economic stability and food security in the country.

The recognized Yemeni government is currently grappling with a severe monetary crisis, as the local currency continues to destabilize, with the exchange rate of the rial plummeting to historic lows against foreign currencies. The dollar has surpassed 2,000 rials, up from 1,676 rials in late April, while the Saudi riyal has increased to over 530 rials, compared to 441 rials previously.