CBY: International conference to help Yemen in early February led by UN

Aden (Debriefer
2019-01-13 | Since 11 Month

 Meeting of the Central Bank of Yemen in Aden

The Central Bank of Yemen (CBY) governor Dr. Mohamed Zimam said on Saturday that arrangements and preparations are under way to hold an international conference to help Yemen in early February under the auspices of the United Nations.
The governor of the CBY, in meeting at the headquarters of the bank in the southern city of interim capital Aden, the United Nations is currently preparing an international early February to help Yemen in the preparation of discussions on the transfer of funds organizations And the countries supporting Yemen through the Central Bank of Yemen at its headquarters in Aden.
He added that he discussed with the UN Under-Secretary-General for Humanitarian Affairs, Mark Lowcock, mechanisms of cash aids reception via the CBY and funding needs for next years that made the bank request a new deposit of US$ three billion.
He pointed out that the briefing of the United Nations Assistant Secretary-General for Humanitarian Affairs Mark Lowcock, submitted to the Security Council last Wednesday, addressed the request of States and organizations to intervene in injecting foreign currency amounts of the Central Bank of Yemen in its main position in Aden, under the request of the International Monetary Fund Pumping foreign currency through this bank to ensure the stability of the local currency .. Considering that the stability of exchange rates have had a significant impact on the humanitarian situation in the country.
Last Wednesday, UN Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Mark Lowcock said that "significant progress in the political process in Yemen through the Stockholm Agreement has not fed a single hungry child" in the country until today, adding that that "millions of Yemenis look to us for help and protection."
In terms of local currency and its deterioration, he said, the International Monetary Fund predicted a further decline in the Yemeni riyal, pointing out that Yemen needs more funds for the humanitarian emergency plan carried out by the United Nations and its organizations in Yemen.
On 20 December, CBY deputy governor, Shokeib Hobaishi, stated that the bank was expecting deposits of US$ 3 billion from Kuwait and United Arab Emirates, a step would contribute to enhancing local currency value, Yemeni rial.
If confirmed, such deposits would be added to more than three billion dollars deposited by Saudi Arabia into the CBY, as well as $200-million grant promised by the Kingdom early last October to shore up the bank's financial position and revive Yemeni economy.
Yemeni rial had lost more than three fourths of its value against US dollar since 2015, leading prices to spike with many Yemenis cannot afford basic commodities, foods in particular.
Import of basic materials
The Central Bank of Yemen discussed during its meeting on Saturday the positive results achieved by the opening of documentary credits for the import of basic commodities backed by the Saudi deposit estimated at two billion dollars for previous payments during the last year, 2018, which was implemented with a total amount of 314 million dollars, and the share of wheat, including 61 percent and rice 20 percent of the total amount.
The agency said that the approved and delayed appropriations due to non-completion of procedures by banks or customers of banks, amounted to about 126 million dollars, which are ready for disbursement as soon as the delivery of the amounts and carry out transactions and is expected to be implemented this week before the imposition of other measures by the Central Bank. Some of those appropriations have completed the procedures for approval of the month of November 2018.
Yemen imports more than 90 percent of its food needs, including most of its wheat and rice needs.
Yemen has been racked by an armed conflict that broke out after the Iran-backed Houthis had ousted the internationally recognized government late in 2014.
The conflict escalated after a Saudi-led coalition intervened militarily in the country in March 2015 to reinstate the government of President Hadi, leaving tens of thousands killed, hundreds of thousands injured, and 3 million displaced.
The war has pushed the country to the world's worst humanitarian crisis, according to the UN, with more than two thirds of the 28-million population in need for a type of humanitarian aid and immediate protection, including 8.4 million people unsure how to get next meal, and some 2 million children suffering severe shortage of nutrition.

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