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STC warns of an economic collapse in South Yemen

Aden (south24)Hadramout21

The Supreme Economic Committee of the Southern Transitional Council (STC) has warned, on Wednesday, that the current economic situation in the south “portends disaster and threatens a complete collapse”, as a result of what it described: “the power vacuum and the failure of successive governments to deal with many economic aspects …”.

The committee indicated, in a meeting in Aden, South Yemen, that there are many aspects of shortcomings and failures, most notably the almost complete halt of the monetary cycle and the inability to mobilize domestic and foreign resources, which led to a scarcity of liquidity in the coffers of the Central Bank and the expansion of Budget deficit.
The committee warned that the bank’s resort to printing uncovered paper money, which amounted to more than two trillion Yemeni riyals, will lead to further deterioration of the local currency, reaching more and greater levels than it is today, according to the official website of STC.
The committee touched on other important files, foremost of which is the deteriorating services file, especially electricity, water, health, and hygiene services, and the lack of electricity fuel that threatens to completely discontinue the electrical system.
The committee discussed the interruption of salaries for employees of the military and security sectors for several months, and called for pressure on the government to assume its responsibilities in this regard.
The committee called for the speedy implementation of the Riyadh Agreement and awareness of the dangers faced by the people due to the vacuum of government authority since the signing of the agreement.

“The implementation of the agreement would create a state of political and security stability and create the conditions for dealing with economic challenges and dilemmas,” the committee said.

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