Yemeni government hopes for Saudi-Emirati support to maintain economic stability and control currency exchange rates

The Yemeni government expressed, on Monday, its hope that Yemen's partners, primarily Saudi Arabia and the UAE, would support its efforts to maintain economic stability and control the exchange rate of the national currency, while revealing the total revenues collected during the first half of this year.

This came during his meeting, today, Monday, in the interim capital, Aden, headed by Prime Minister Dr. Ahmed Awad bin Mubarak, according to the Yemeni News Agency "Saba".

The meeting addressed the variables related to exchange rates, and the measures to achieve stability in the national currency price, and contain its repercussions affecting the lives and livelihoods of citizens.

The Council stressed the need for all state institutions to work together to address economic challenges as a top priority, implement the directives of the Presidential Leadership Council in this regard, and implement what was agreed upon during the recent intensive meetings to enhance integration and coordination between fiscal and monetary policy.

He also stressed the need to work with maximum efforts to develop and diversify revenues and ensure their arrival in the general government account, control and rationalize spending and control the general budget deficit.

The Council of Ministers expressed its hope that Yemen's partners, primarily the Coalition to Support Legitimacy led by the Kingdom of Saudi Arabia and the United Arab Emirates, would support the efforts of the state and government to maintain economic stability and control the exchange rates of the national currency due to the continued halt in oil exports, the rise in shipping prices and their disastrous repercussions on the living conditions that were exacerbated by the terrorist attacks of the Houthi militia.

He referred to the results of the meeting with the ambassadors of the European Union, Russia and a number of countries during their visit to Aden, and the regional and international moves to keep the Yemen file among the priorities of international interest.

Dr. Ahmed Awad bin Mubarak addressed the moves of the Presidential Leadership Council, the government, and the Central Bank of Yemen to put an end to the decline in the exchange rate of the national currency and the repercussions and effects associated with that, the directives issued by the Chairman of the Presidential Leadership Council, and the importance of working to implement them.

The Council of Ministers reviewed a report on the level of collection of local authority self-financial resources (local-joint) for the first half of fiscal year 2024 at the level of the liberated governorates, submitted by the Minister of Local Administration.

The report indicated that the amounts collected from local and joint resources amounted to 20 billion, 11 million, and 327 thousand riyals, an increase of 6 billion, 476 million, and 699 thousand riyals over the estimated allocation for the same period, an increase of 48 percent, and an increase of 1 billion, 252 million, and 742 thousand riyals over the amount collected in the first half of last year, an increase of 7 percent.

The report included the existing imbalances in the level of collection of local resources, and in this regard the Council affirmed its support for the practical measures necessary to collect shared public resources in accordance with the Local Authority Law.

In another context, the Council of Ministers renewed the call for the immediate cessation of the Israeli aggression on the Gaza Strip and Lebanon and the implementation of the UN resolutions on the ceasefire and the access of aid, stressing the need to end the suffering of civilians in Gaza and for Israel to immediately stop targeting and terrorizing civilians and violating the most basic rules and principles of international law and international humanitarian law.

He stressed Yemen's firm position on the right of the Palestinian people to establish their independent, fully sovereign state in accordance with international legitimacy resolutions, the Arab Peace Initiative, and support for the Lebanese state, its sovereignty and its exclusive right to monopolize weapons, and the resolutions of peace and war.