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Yemen asks GCC to organize conference to support country’s economy

Yemeni foreign minister attends Gulf Cooperation Council (GCC)'s Ministerial Council session in Saudi Arabi

Yemen asks GCC to organize conference to support country’s economy FILE PHOTO

SANAA, Yemen

Yemen on Thursday called on the Gulf states to organize an urgent conference to support the country’s deteriorating economy.

"We are suffering from an economic catastrophe and a deterioration in the economic and social development indicators in Yemen," said Yemeni Foreign Minister Ahmed bin Mubarak in his speech at the 149th Ministerial Council session of the Gulf Cooperation Council (GCC) held in the Saudi capital Riyadh.

Bin Mubarak called upon the GCC to hold the urgent conference to support Yemen's economy and to help the government address the economic challenges.

He also added that the Iran-backed Houthi rebels have caused "the worst humanitarian crisis in Yemen."

Bin Mubarak was invited to attend the GCC's meeting in the light of the crippling economy in Yemen and the devaluation of the Yemeni rial against the US dollar as well as a sharp increase in the prices of basic goods.

In recent days, Yemenis exchanged one US dollar for more than 1,100 Yemeni rials. In the beginning of 2015, one US dollar traded for 215 Yemeni rials.

Yemen has been beset by violence and chaos since 2014, when Houthis overran much of the country, including the capital, Sanaa. The crisis escalated in 2015 when a Saudi-led coalition launched a devastating air campaign aimed at rolling back Houthi territorial gains.

According to the UN Office for the Coordination of Humanitarian Affairs, the conflict has claimed more than 233,000 lives.

*Writing by Ahmed Asmar​​​​​​​

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