YEMEN Press Agency

Pro-coalition official reveals reasons for imminent collapse of economy in southern Yemen

ADEN, June 09 (YPA) – A member of the Supreme National Anti-Corruption Commission (SNACC) in Aden, accused the government loyal to Saudi-led coalition, of causing the “imminent” economic collapse in southern Yemen.

Dr. Abdullah Mubarak Al-Ghaithi said in a tweet on his “Twitter” that “an imminent economic collapse is an inevitable result of the practices of the so-called legitimate governments during the past eight years, which were hijacked by the Islah Party from 2015 until today.”

Over the past two days, the economic situation in Aden and the rest of Yemen, which is under coalition control, has accelerated.

The price of one dollar reached 1349 riyals on Thursday, the highest rate of collapse reached by the Yemeni riyal, in two years, while two banks expected the Yemeni riyal to record further deterioration in Aden in the coming days.

Economic analysts pointed out that the Yemeni riyal has lost 539% of its value in areas, which are under the control of the coalition, which prompted the commercial sector to raise the prices of goods in a move that may lead to an increase in famine and poverty in those areas.

Yemenis agree that the measures taken by the pro-coalition government did not take into account the most basic economic criteria in order to preserve the value of the Yemeni riyal, by printing nearly two trillion riyals without a cover, causing the Yemeni riyal to lose its purchasing power.