Yemen's Houthi-controlled areas facing oil crisis

The Governor of the Central Bank of Yemen stated that the country has lost $6 billion due to the halt of oil and gas exports caused by Houthi attacks on ports and oil tankers.

Ahmed Ghalib Al-Maabqi made these remarks alongside Finance Minister Salem bin Buraik during a meeting of central bank governors and finance ministers from the Middle East, North Africa, and Pakistan on the sidelines of the 2024 annual meetings of the International Monetary Fund and World Bank held in Washington.

Al-Maabqi said, “The Republic of Yemen has lost more than six billion dollars of its own resources in the past thirty months alone as a result of the halt of oil and gas exports.” This is due to Houthi attacks on ports and oil tankers.

He continued, “In addition, the targeting of international navigation in the Red Sea has doubled transportation and insurance costs and disrupted supply chains.”

He said that this has led to “increased suffering for the people, a rapid deterioration in conditions, food insecurity, an inability to provide basic services, and an increase in poverty rates to more than 80%.”

During the meeting, chaired by Kristalina Georgieva, General Director of the International Monetary Fund, the governor addressed the unprecedented humanitarian crisis that Yemen is experiencing due to the war, which is nearing its tenth year, and due to unfavorable regional and international developments and their repercussions on the region and the world, including the Republic of Yemen.

Al-Maabqi called for urgent support for Yemen and the utilization of the IMF’s financing programs for countries experiencing similar crises and fragile states.