Yemen's free-falling economy worsens famine
The UN is increasing its calls for support of the deteriorating economy in Yemen, where three-fourths of the population is struggling just to survive.
SANAA, Yemen — In the past two months, the Yemeni economy has faced its worst deterioration yet since the outbreak of the war, which is in its fourth year. The Yemeni riyal has lost more than 40% of its value as the price of the dollar has risen from 420 riyals to 750 riyals. As a result, prices soared, while citizens’ purchasing power dropped. More than 1.2 million government employees have not been paid for more than a year.
In this context, UN Secretary-General Antonio Guterres spoke to reporters Nov. 2 in New York, describing the situation in Yemen as “man-made."
"Yemen today stands at a precipice,” he said, calling for quick steps to support the Yemeni economy, stabilize the exchange rate and pay salaries and pensions.
Mark Lowcock, head of the UN Office for the Coordination of Humanitarian Affairs, also spoke of the unprecedented famine in Yemen before the UN Security Council on Oct. 23: “I warned you [in September] we were losing the fight against famine in Yemen. Since then, the situation has got worse."
