Former Foreign Minister of Yemen calls on World Bank and IMF to intervene in national economy

Former Foreign Minister of Yemen calls on World Bank and IMF to intervene in national economy

Abu Bakr al-Qirbi, former Foreign Minister and member of the General People’s Congress (GPC) party, has on Monday called for international intervention to manage the Central Bank of Aden.

“Why does the United Nations ignore the politicisation of the economy and its impact on Yemenis and their livelihood, without setting a treatment for the Central Bank to be undertaken by the World Bank and the International Monetary Fund to standardise the currency rate?” al-Qirbi asked.

According to al-Qirbi, such international measures are meant to limit the failure of fiscal policy and to manage the state’s oil resources, especially since Yemen is a member of the Transparency Organization for Oil Resources.

However, the proposal met with opposing reactions, considering his call to legitimise international meddling in managing Yemen’s national economy after the military and political control of the southern provinces has already been taken over by foreign powers.

The suggestion by 3 former minister comes after a continuous collapse of local currency in the provinces under the control of the Saudi-led coalition, where the exchange rate of the US dollar has exceeded 1,350 Yemeni riyals during the past hours.

The Yemeni national economy has faced a big backlash ever since the transfer of the management of the Central Bank from Sana’a to Saudi-occupied Aden in September 2016, as a result of which many employees’ salaries stopped being paid at all.

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