Top Stories Minister of Planning: The war caused an economic loss of 88 billion dollars and led to a 180% decline in the currency

Minister of Planning: The war caused an economic loss of 88 billion dollars and led to a 180% decline in the currency





Minister of Planning and International Cooperation, Dr. Najeeb Al-Awj said, “The successive war and crises had direct negative effects on economic growth and led to crippling the economy and weakening productive capacities, as the gross domestic product shrank by about 50% during the past five years.”

This came during a video-conference meeting with the World Bank Vice President for the Middle East and North Africa, Farid Belhaj, within the annual meetings of the World Bank Group, and called for the reopening of the bank’s office in the temporary capital, Aden.

He pointed out that “the cumulative economic loss amounted to more than 88 billion dollars, and the national currency exchange rate deteriorated by more than 180%.”

He pointed out that “the emergence of the displacement crisis, which constitutes an additional burden on the state, as the number of internally displaced persons has reached 3.6 million and more than one million externally displaced persons.”

The Minister of Planning stressed the stability of the security situation in most of the liberated governorates, and Yemen’s aspiration to the efforts of development partners and international institutions to restore life to normal and support economic recovery that contributes to creating job opportunities for youth and contributes to the peace building process.

Noting the importance of focusing on the gradual transition from relief interventions to economic recovery and sustainable development projects that will contribute to raising the pace of the economy in accordance with the government’s priorities to intervene in vital sectors such as health, education, transportation, agriculture, fisheries and other sectors that meet the needs of citizens.

He stressed the need to unify the channels for transferring aid through the Central Bank of Yemen and banking them in Yemeni riyals to enhance the bank’s monetary capabilities and enable it to fulfill its role in supporting the currency and maintaining exchange stability.

He renewed the government’s categorical rejection of the illegal pressures and interference by the Houthi militia against donors, international institutions and projects implementing organizations to disrupt the fair distribution process for the target governorates.

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