Yemen needs $16 billion to save its economy

Yemen needs $16 billion to rescue its economy.

Al-Arabi Al-Jadeed wrote at a time when Yemen is entering a critical phase to resolve the crisis in the country. The economic situation remains fragile due to developments related to the halt in crude oil exports and lack of transparency in foreign financing.

In its latest report published on April 6, the World Bank predicted that Yemen’s economy would contract by 0.5% in 2023.

However, the existing problem is the reconstruction of the national economy in Yemen, which is one of the most needy countries for assistance. It is predicted that the country’s need for financial aid will fluctuate between $11.82 billion and $16 billion in 2023, and between $11 billion and $22 billion by 2027.

The World Bank considers Yemen as one of the fragile countries affected by conflicts and includes it in the list of countries facing severe food security crises. The food insecurity rate has decreased from 101% in 2005 to around 99% in 2023.