World Bank says Yemen faces significant economic hardships caused by continued Houthi blockade on oil exports

Yemen Announces Full Support for Statement Issued by GCC Ministerial Meeting

The Republic of Yemen has announced its full support for the statement issued at the extraordinary ministerial meeting of the Gulf Cooperation Council (GCC), which affirmed a unified and firm position to deter what it described as blatant Iranian aggression against GCC member states.

Kuwait Condemns Iranian Attack Targeting Its Territory

The State of Kuwait has strongly condemned a “heinous Iranian attack” that targeted its territory on Saturday morning, calling it a flagrant violation of Kuwait’s sovereignty, airspace, international law, and the Charter of the United Nations.

Korea large companies' exports rise 10 percent

Large companies' exports in South Korea rose approximately 10 percent year-on-year in the fourth quarter of last year, driven by increased global demand for semiconductors.

Saudi League: Al-Nassr, Al-Ettifaq and Neom Secure Victories Over Al-Ittihad, Damac and Al-Riyadh

Al-Nassr defeated its guest Al-Ittihad 2–0 in the match that brought them together at Al-Awwal Park Stadium in Riyadh, as part of the 21st round of the Saudi Professional League.

Last Update: ، 2026/03/02 Time 03:04:32
Latest News:

Marib Deputy Governor Discusses Humanitarian Interventions with Turkish Associations

Cabinet approves draft budget for fiscal year 2026

Finance Minister signs with Ambassador al-Jaber new Saudi support agreement for Yemen

Prime Minister Receives Letter from Italian Deputy Prime Minister

Yemen Strongly Condemns Blatant Iranian Attacks on Saudi Arabia

World Bank says Yemen faces significant economic hardships caused by continued Houthi blockade on oil exports

[01/11/2024 05:14]

ADEN - SABA
The World Bank said that Yemen is facing significant economic hardships caused by the continued Houthi blockade on oil exports.

According to the World Bank’s latest Yemen Economic Monitor (YEM) this blockade contributed to a 42 percent drop in fiscal revenues for the Internationally Recognized Government (IRG) in the first half of 2024, preventing it from providing essential services to the population.

The suspension of IRG oil exports, combined with a heavy reliance on imports, has intensified external pressures, leading to a depreciation of the Yemeni Rial in the Aden market from 1,619 per US dollar in January 2024 to 1,917 by the end of August
According to the report, "the conflict has as pushed most Yemenis into poverty, while food insecurity has reached historic levels, with over 60 percent of the population now facing inadequate access to food."