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<p>Yemen’s recent economic crisis is one of the biggest risks threatening to tip Yemen
into famine, with the Yemeni Riyal losing over 40% of its value between June and October.</p><p>The
UK’s immediate leadership at the height of the economic crisis in October prevented
a worsening of the situation. We worked with the Central Bank of Yemen in releasing
$270 million of hard currency, provided by Saudi Arabia, to support importers bringing
food staples into the country.</p><p>We also successfully pressed for the suspension
of unnecessary processes introduced by the Government of Yemen in bringing these goods
into the country. This has eased the pressure of price increases and temporarily stabilised
the currency - the value of the Riyal has since appreciated, rising from 755 YER per
USD to 500 YER per USD.</p><p>However, much more remains to be done. The UK is now
working with the Government of Yemen to facilitate greater financial transparency,
ensure foreign currency is available to commercial importers and rebuild key financial
institutions.</p>
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