The Foreign Minister participates in the 48th ministerial meeting of the Group of 77 and China.

Dr. Shai Al-Zindani, Yemen’s Minister of Foreign Affairs and Expatriates, participated in the 48th ministerial meeting of the Group of 77 and China. This significant gathering occurred on the sidelines of the 79th session of the United Nations General Assembly in New York.

Highlighting Critical Issues for Developing Nations

During his address, Minister Al-Zindani emphasized the urgent challenges facing many developing countries, particularly Yemen. He pointed out that the nation grapples with severe difficulties due to the ongoing Houthi militia insurgency, climate shocks, and a deteriorating economic infrastructure.

Key Challenges Facing Yemen

Al-Zindani outlined several fundamental ideas aimed at bolstering the collaborative efforts of the Group of 77 and China in addressing current financial and developmental challenges. He stated, “One of the most significant challenges Yemen faces today is the substantial gap in mobilizing local resources. The Houthi coup has led to a sharp decline in tax revenues. Strengthening national capacities in public financial management and developing effective revenue collection systems requires direct international support.”

Need for Advanced Technical Assistance

The minister further noted that Yemen requires advanced technical assistance and specialized training programs. These initiatives are crucial for rebuilding financial institutions in line with international best practices. He highlighted that external funding serves as a lifeline for many developing nations, especially those affected by conflict. However, increasing debt and debt servicing pose significant obstacles to recovery and reconstruction efforts.

Addressing Financial Burdens in Yemen

The financial burdens in Yemen have doubled due to the ongoing Houthi insurgency. Al-Zindani asserted that Yemen faces multifaceted crises that necessitate a special framework for debt sustainability. He called for the development of new frameworks based on more flexible criteria that consider the unique circumstances of fragile and conflict-affected nations. This approach aims to ensure economic recovery without falling into a debt spiral.

Reforming International Financial Institutions

The foreign minister stressed the need for international financial institutions to adopt radical reforms. These reforms should ensure that these organizations better respond to the needs of developing countries, especially those in fragile situations. He called for greater inclusivity and fairness within these institutions to align with their foundational goals.

Innovative Financing Mechanisms Needed

Al-Zindani also highlighted the necessity of developing innovative financing mechanisms. These mechanisms would ensure that developing nations have adequate funding to tackle challenges posed by climate change. He noted that like many fragile countries, Yemen suffers particularly from these shocks, exacerbating the economic and humanitarian situation. Collective efforts should focus on creating dedicated funding pools to meet the needs of the most vulnerable nations.

Investment Challenges in Yemen

The minister addressed the security situation in Yemen, describing it as a significant barrier to attracting the private investments needed for sustainable development. However, he urged against succumbing to this reality. Al-Zindani called for enhancing innovation in financing mechanisms and risk mitigation through public-private partnerships. He emphasized the importance of leveraging successful international experiences to activate the role of the private sector in development, even in fragile environments.

Linking Humanitarian Efforts to Development

Al-Zindani stated, “We cannot address the humanitarian situation in Yemen without linking it to development and peacebuilding efforts.” He advocated for improved coordination among donors and international entities to ensure that developmental and humanitarian programs are implemented in an integrated manner. This approach should contribute to stability and sustainable development, focusing financing strategies on connecting humanitarian action with peacebuilding efforts. This connection reflects the complex nature of the challenges faced by countries still enduring or emerging from conflict.

Commitment to Sustainable Development Goals

In conclusion, the foreign minister reaffirmed the importance of continued collaboration within the Group of 77 to achieve sustainable development goals and advance progress across all areas of international cooperation.

This meeting underscores Yemen’s commitment to addressing its pressing challenges while seeking support from the international community to foster recovery and development.

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