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The National Team For Foreign Outreach - Yemen

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ECONOMIC SITUATION – August 2020

The Yemeni people continue to suffer, as 80% of civil servants have not received their salaries since the countries of War Coalition against Yemen relocated CBY administration from Sana’a, the Capital, to Aden governorate in August 2016. The severity of human suffering has increased, and the largest humanitarian disaster in the world is in place, especially with the increasing complications in this profile and the UN feeble role. Nobody cares about that, despite the repeated calls made by the National Salvation Government and the Yemeni Confederation of Labor Unions (YCLU) to neutralize the file of paying civil servants’ salaries, keeping it far from the economic war run by the US-KSA-led coalition countries.

The southern governorates witnessed a number of open sit-ins by civil servants (military and civilians), especially medical sector employees, demanding the so-called Hadi government to pay their salaries that have been suspended for several months. It deliberately exploits the various financial resources collected from the land, air and sea ports, in addition to the revenues of the exported oil from the occupied provinces by the UAE and Saudi Arabia.

The southern governorates, occupied by Saudi Arabia and the UAE in Aden and other governorates, have witnessed a collapse in the exchange rate of the Yemeni currency against other foreign currencies, as the dollar rate has reached 800 YR, which caused a record high in the prices of consumer goods and foodstuffs. On the other hand, the Yemeni Riyal maintained a state of stability in the areas controlled by the National Salvation Government in Sana’a, as the dollar rate there have not exceeded the limits of 600 YR.

The Supreme Economic Committee in the Capital, Sana’a, has warned of the collapse in the value of Yemeni riyal and a rise in the exchange rate because the CBY branch in Aden, under the direction of the so-called Hadi government, have printed increasing numbers of Yemeni banknotes outside the banking policy.

The US Energy Information Administration (EIA) reveal that the so-called Hadi government has produced more than (11.5 million barrels) of oil during the first half of 2020, with a value exceeding ($ 455 million); and that it keeps on selling out oil through Yemeni ports controlled by the occupation countries in particular, and far away from the State’s monitoring and control.

Media reports stated that the Saudi-Emirati occupation are exploiting Al-Nashima port in Shabwah governorate, exporting nearly one million barrels of crude oil through it with an average of two vessels per month. During the last few months, the occupation countries exported more than (7 million barrels) of crude oil from Al-Oqla fields in Shabwah and Safer fields in Marib, through unofficial ways and diversionary tactic that vary from one month to another.

The oil derivatives crisis in Yemen continues to revolve around a vicious circle for the third consecutive month, due to the arbitrary restrictions imposed by the US-KSA-led countries of War Coalition against Yemen and their mercenaries, and with the complicity of the UN. They prevented the entry of 21 ships loaded with oil derivatives into the port of Hodeidah in August, leading to the deterioration of indispensable institutions and service sectors, including health, medicine, and other sectors.

Yemen Red Sea Ports Corporation has warned of a humanitarian catastrophe due to the near depletion of diesel stock needed to operate the equipment and machinery of Hodeidah and Salif ports, which are used to bring humanitarian and relief aid to the Yemeni people.

Yemen Petroleum Company (YPC) in Sana’a, the Capital, confirmed that its stockpile of oil derivatives had completely run out. It took a decision to extract the dead stock and process it in order to supply the market with the required oil derivatives.

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