The Resource Committee reaffirms its commitment to reforms and warns against attempts to manipulate exchange rates.

High-Level Committee Discusses Economic Reforms in Aden

On Tuesday, the High Committee for Sovereign and Local Resources convened in Aden, the temporary capital of Yemen. The meeting took place under the leadership of Major General Aidarus al-Zubaidi, a member of the Presidential Leadership Council.

Review of Previous Assignments

The committee, which included Prime Minister Salem Saleh bin Brek, reviewed the progress on tasks assigned during the last meeting. Key topics included the measures taken to secure funding for the Aden Refinery’s operations. The refinery aims to start local production of asphalt, reducing reliance on imports. Additionally, the committee discussed efforts to meet the fuel needs of electricity generation stations in Aden and liberated provinces over the next two months.

Local Developments and Economic Reforms

The committee addressed recent local developments and ongoing reforms in revenue-generating institutions. These reforms aim to regain full control over public resources. In this context, the committee praised the significant efforts made by Prime Minister Salem Saleh bin Brek’s government to stabilize the currency and lower commodity prices. They also acknowledged the Central Bank’s role in restoring control over the financial and banking sectors.

Currency Stabilization Efforts

The committee commended the Central Bank’s initiatives, supported by various government agencies, which have led to a noticeable improvement in the local currency’s exchange rate. This improvement has positively impacted the prices of goods and services.

Major General Aidarus al-Zubaidi urged the Central Bank and the government to implement strict measures to maintain these gains. He emphasized the importance of stabilizing the local currency at the rate set by the Central Bank and warned against any attempts to manipulate exchange rates or engage in black market trading.

Positive Impact on Market Prices

The committee discussed the positive effects of the improved exchange rate on commodity prices. Minister of Industry and Trade, Mohammed al-Ashwal, presented a detailed report on measures taken to regulate markets. This report included strategies for daily inspections and monitoring of retail outlets selling essential goods, as well as coordination with local authorities to enhance the ministry’s oversight role.

Acknowledgment of Collaborative Efforts

The committee praised the extensive efforts of the Ministry of Industry and Trade, security agencies, and local authorities in monitoring markets and reducing prices. They recognized the cooperation from traders who have responded positively by lowering prices in line with the improved currency exchange rate.

Conclusion and Next Steps

At the conclusion of the meeting, Major General Aidarus al-Zubaidi directed the Central Bank and the government to expedite the disbursement of June salaries for civil service employees.

This meeting underscores the committee’s commitment to ongoing economic reforms and vigilance against any attempts to disrupt the progress made in stabilizing Yemen’s economy.

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