The Central Bank Governor meets with the U.S. envoy to Yemen to discuss economic cooperation and regional stability.

Discussion Highlights Economic Challenges and International Support

In a significant meeting today, Ahmed Ghaleb Al-Mabqi, the Governor of the Central Bank of Yemen, engaged with Tim Lenderking, the U.S. Special Envoy to Yemen. The discussion centered on the severe economic challenges Yemen faces due to ongoing regional conflicts.

Impact of Regional Conflicts on Yemen’s Economy

Al-Mabqi outlined the negative repercussions of current events in the region and worldwide on Yemen’s economic situation. The country suffers from an unprecedented humanitarian crisis, primarily due to the war instigated by Houthi militias over the past decade. The governor emphasized that attacks on oil ports and tankers have severely disrupted exports, depriving Yemen of its vital resources.

Furthermore, Al-Mabqi addressed the recent developments in the Red Sea and their implications for transportation and insurance costs. He highlighted that these factors have created unsustainable economic and humanitarian conditions. The governor criticized the international community for its inaction and failure to meet its obligations, noting that the absence of peace prospects stems from the Houthi militias’ intransigence.

U.S. Support for Yemen’s Economic Reforms

In response, Lenderking expressed his understanding of Yemen’s dire circumstances. He reaffirmed the United States’ commitment to supporting the Yemeni people and the nation as a whole. Lenderking acknowledged the ongoing reforms at the Central Bank and stressed the importance of bolstering these efforts. He emphasized that such support would enable the bank to fulfill its responsibilities effectively, thus enhancing the integration of Yemen’s financial and banking sector into the regional and international financial systems.

Key Attendees at the Meeting

The meeting also included the presence of Mohammed Al-Hadrami, Yemen’s Ambassador to Washington, along with the Central Bank’s deputies overseeing banking supervision and foreign banking operations. Their involvement underscores the importance of international dialogue in addressing Yemen’s pressing economic challenges.

This meeting underscores the critical need for sustained international support as Yemen navigates its complex economic landscape amidst ongoing conflict.

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