On the eve of donor conference, Economist calls for new deposit to back Yemen’s economy

On the eve of donor conference, Economist calls for new deposit to back Yemen’s economy

Alsahwa Net- A Yemeni economist called on Monday for a new deposit into the Central Bank of Yemen (CBY) to back the Yemenis economy.

Mostafa Nassr, Chairman of the Studies and Economic Media Center voiced his suggestion on the eve of Yemen’s donor conference hosted by Saudi Arabia on Tuesday 2 June.

 Nassr said that the foreign cash deposit is a critical to stabilize the value of the national currency to secure imports of the basic commodities.

The conference is intended primarily to fund the UN humanitarian response plan in Yemen for the second half of this year which requires $2.41 billion.

Nassr said that financing of the humanitarian response plan will not be enough unless foreign cash injected directly and immediately into the CBY. 

He said that Saudi Arabia must take a lead on this as it is the major player in Yemen’s affairs using the umbrella of the Arab coalition that supports the legitimate government.

Saudi Arabia deposited in 2018 $2 billion in support to the Yemeni Rial.

He expected that donors might fully cover the current required fund for the UN response plan yet access to the needy households in the Houthis-held areas remain a challenge.

Some donors have already suspended their pledges citing Houthis’ hinderance to the aid delivery to vulnerable people. 

Nassr indicated that this pledging conference for Yemen comes amid diminishing government’s control caused by present rebellions in the north and south of the country.

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