[06/08/2025 06:28]

ADEN - SABA
Prime Minister Salem bin Briek chaired Wednesday a meeting for the Cabinet in which they reviewed economic and service developments in light of the positive changes in the national currency exchange rate.

Council members discussed ongoing government measures in cooperation with the Central Bank of Yemen to enhance currency stability and ensure its continued recovery.

This includes regulating the banking market and the roles played by ministries and relevant authorities in monitoring and inspecting prices of goods, medicines, and services, ensuring they align with the positive shifts in the exchange rate, as part of the state's efforts to alleviate citizens' burdens.

They emphasized that this economic war represents a vital and advanced front in confronting the Houthi coup and will be met with determination through continued reforms, strengthening financial and monetary resilience, enhancing cooperation with allies and partners of Yemen, and activating state tools to improve the efficiency of public institutions, ultimately aiming to restore the state and end the coup.

The Prime Minister provided a comprehensive briefing to Council members on the overall situation regarding political, military, security, economic, and service aspects, stressing that the improvement in the national currency exchange rate is a direct result of the integration of financial and monetary policies adopted by the government in recent times.

He emphasized that the priority now is to ensure this improvement is visibly reflected in citizens' lives, holding ministries and relevant authorities fully accountable for translating this improvement into tangible reality through lowering prices of goods and services, regulating markets, and combating monopolies and speculation, underscoring the need for decisive and immediate actions without delay.

The Prime Minister directed local authorities to seriously engage with the positive changes in the exchange rate and to organize intensive monitoring campaigns to reflect this improvement on the prices of essential goods and services, ensuring that citizens feel the impact in their daily lives.

He called on all relevant agencies to coordinate and work together to ensure adherence to fair profit margins, making sure that reductions are genuine and not merely superficial, and to combat monopolies and speculation, reinforcing economic stability and protecting consumer rights.

The Council was also briefed on the outcomes of recent discussions with the UK Ambassador to Yemen and the Chargé d'Affaires of the People's Republic of China, which focused on ways to enhance partnership and cooperation in economic and developmental fields, and promote expanded investments in vital sectors to support economic recovery efforts.

The Prime Minister instructed the Ministry of Foreign Affairs to prepare regulations regarding external participations, delegation travels, and representation levels at various events, and to submit a comprehensive report to the Council for discussion and necessary action.

The Cabinet stressed the application of the law regarding exclusive dealings in Yemeni Riyals and banning the use of foreign currencies in sales, commercial, and real estate transactions to preserve monetary sovereignty and enhance the stability of the national currency.

The Council reiterated the government's commitment to strengthening partnerships with the national private sector as a pivotal partner in economic development. It urged traders and importers to shoulder their national and moral responsibilities during this sensitive phase, reducing prices in accordance with the exchange rate, maintaining fair profit margins, and contributing to alleviating citizens' living burdens.

The Cabinet approved the agreement for the design, construction, financing and operation of a crude oil refinery and storage tanks, as well as a free zone in Hadramout Governorate, noting the provided observations. It assigned the Minister of Oil and Minerals to complete the necessary procedures for implementation.

The Cabinet approved encouraging investment in the pharmaceutical industry and medical supplies as a first phase in localizing the pharmaceutical industry, which includes granting incentives and facilities for establishing national pharmaceutical factories to cover local consumption and reduce the import bill.

The Cabinet conducted an assessment of the service reality in Aden and liberated provinces based on briefings from relevant ministers. It affirmed that the government places utmost importance on this file and will continue to take measures to improve essential services, especially in electricity, water, health, and education sectors, by reviewing plans, setting priorities, and integrating efforts between institutions.

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