Yemen PM warns of complete economic collapse

Yemen's prime minister warns of 'complete economic collapse' as currency crashes
1 min read
19 July, 2021
The crash in the value of the Yemeni rial has sent food and fuel prices soaring, hitting poor families hardest.
Yemen's currency continues to fall amid the country's war and economic crisis [Getty Images]

Yemeni Prime Minister Maeen Abdulmalik Saeed on Sunday warned of a "complete collapse" of the country’s economy, amid a currency crash and the absence of international support.

Saeed spoke of measures being taken by his internationally-recognised government to confront the collapse of the Yemeni rial, coordinate with the central bank to control exchange rates, clamp down on currency exchanges violating the official rate, and enhancing public revenues.

Saeed called on "brotherly nations to provide urgent support so that a complete collapse does not occur after which it (will be) difficult for any intervention to save Yemen's economy", according to the official state-run news agency SABA.

He urged relevant authorities to carry out their necessary duties in districts under government control to alleviate the suffering of Yemenis.

The US dollar has been changing hands for 1,000 Yemeni rials in recent days on the black market, while it stood at around 250 Yemeni rials in early 2015 just before a Saudi-led coalition intervened against Iran-backed Houthi rebels.

This has sent food and fuel prices soaring, hitting poor families hardest.

The UN has also warned Yemen is facing the world’s worst humanitarian crisis.