Due to Houthi Practices… Conditions May Lead to a Complete Halt of the Economic Cycle
Economic expert Wafiq Saleh confirmed that areas under Houthi control are suffering from severe recession and an acute liquidity crisis due to the Houthis’ economic practices. The expert explained that these practices have exacerbated the humanitarian and living conditions of residents in those areas.
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Mr. Saleh pointed out that the living conditions of Yemenis in Houthi-controlled areas are characterized by severe recession and prolonged stagnation, leading to a lack of liquidity and a halt in the payment of employee salaries, as well as the absence of spending on public services.
The expert warned that conditions might lead to a complete halt of the economic cycle and an explosion of the situation in Houthi-controlled areas, further worsening the humanitarian crisis in the country.
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Wafiq Saleh concluded by calling for increased international efforts to address this economic and humanitarian crisis in Yemen and to provide support and assistance to those suffering from the consequences of Houthi practices.
The ongoing economic war waged by Houthi militias, along with their targeting of oil facilities, has significantly impacted the stability of Yemen’s economy. It has also contributed to the rapid depreciation of the national currency and undermined the government’s ability to maintain monetary stability.
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As a result, the Yemeni rial has experienced a significant drop in value, leading to rising prices of basic commodities and worsening the humanitarian crisis affecting millions across the country.
The World Bank confirmed that Yemen faces severe economic challenges due to the blockade imposed by the Houthis on oil exports, which resulted in a 42% decline in government revenues in the first half of this year, preventing the provision of essential services to the population.
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This was highlighted in a report published by the World Bank entitled “Facing Escalating Challenges”, which warned that the prolonged conflict and escalating regional tensions are driving Yemen towards an even more severe humanitarian and economic crisis, according to the Yemeni news agency SABA.