On Wednesday, October 30, 2024, Rashad Al-Alimi, President of the Presidential Leadership Council, expressed his hope for international support for an economic rescue plan to strengthen the national currency amid the ongoing depreciation of the Yemeni riyal against foreign currencies.

Al-Alimi made these comments during a meeting in Riyadh with the UK Ambassador to Yemen, Abda Sharif, where they discussed the necessary international support for government reforms and the catastrophic impacts of Houthi terrorist attacks on oil facilities and shipping vessels.

According to the official Yemeni news agency Saba, Al-Alimi praised British humanitarian and developmental interventions across various sectors, reiterating the Council and government’s commitment to a comprehensive and just peace based on nationally, regionally, and internationally agreed-upon references.

He affirmed the Council and government’s openness to any initiatives aimed at alleviating the suffering of the Yemeni people, which has been exacerbated by the Iran-backed Houthi group, designated as a terrorist organization.

On Tuesday, October 29, Al-Alimi left Aden, Yemen's temporary capital, heading to Riyadh to seek regional and international support to address economic challenges.

A presidential source indicated that Al-Alimi is scheduled to hold consultations in Riyadh over the next two days with regional and international stakeholders regarding the local situation and ways to mobilize support alongside comprehensive reforms being implemented by the government. These discussions will also address the humanitarian impacts of Houthi attacks on oil infrastructure and international shipping routes.

The Presidential Leadership Council and government are committed to taking full responsibility for alleviating living conditions by implementing an economic rescue plan and necessary measures to counteract the budget deficit and mitigate the effects of price fluctuations on the population. They remain focused on the critical battle to restore state institutions and end the Houthi insurgency.

The internationally recognized Yemeni government is currently facing a severe monetary crisis, with the local currency experiencing significant instability. The exchange rate for the Yemeni riyal has reached an all-time low, with one US dollar valued at 2,000 riyals, compared to 1,676 riyals in late April. Similarly, the Saudi riyal has risen to 524 riyals for sale, up from 441 riyals.