Yemen appeals to IMF to condemn abuse of banking powers by Saudi-led puppet government

Yemen appeals to IMF to condemn abuse of banking powers by Saudi-led puppet government

The Speaker of the Yemeni Parliament, Yahya Ali Al-Ra’i, has sent a letter to the Executive Director of the International Monetary Fund (IMF), Kristalina Georgieva, regarding the Special Drawing Rights (SDR) of the Republic of Yemen.

Al-Ra’i affirmed that the Parliament has repeatedly addressed the IMF and the World Bank about the unconstitutionality and illegality of the Saudi transfer of the functions of the Central Bank from the capital of Sana’a , to the city of Aden.

In the letter, the Speaker of the Parliament clarified that the transfer process is a clear and explicit violation of the Yemeni constitution and law, and that it was a political decision aimed at acquiring the powers related to printing currency and using it outside the framework of the Central Bank policy to achieve other political and military goals.

“The transfer of the bank’s activity is aimed at facilitating the appropriation of state revenues and the value of the sales of Yemeni oil and gas exports, away from the legislative oversight of Parliament and other supervisory bodies located in the capital, Sana’a”, the letter added.

Al-Rahi indicated that the Parliament was surprised that the IMF staff held meetings with those in charge of the Central Bank’s branch in Aden in order to discuss the possibility of the IMF allowing the exploitation of Yemen’s Special Drawing Rights, which is estimated at 600 million US dollars within the framework of the Fund’s initiative to provide liquidity to member countries.

The letter stressed on the following:

– The Parliament of the Republic of Yemen, based in the capital Sana’a, is the only body that represents the Yemeni people in all provinces of Yemen.

– The Special Drawing Rights belong to the entire Yemeni people and the government of outgoing president Hadi and the branch of the Central Bank in Aden do not represent the Yemeni people.

– The use of these rights by the branch in Aden will result in great future financial obligations and burdens on the
Yemeni people.
– The use of the rights of the Yemeni people by the Central Bank branch in Aden contradicts the principles and international treaties on combating corruption, money laundering and terrorist financing.

Yahya Al-Ra’i noted that allowing the Central Bank branch in Aden is exploiting the rights of the Yemeni people, which is both unacceptable and illegal.

He expressed the hope and aspiration of the Yemeni people that the IMF Executive Director will carry out her legal, moral and humanitarian duty to stop the use of the rights of the Yemeni people by the bank’s branch in Aden, and to revise any decisions related to Yemen’s rights in the Fund.