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US $5 Billion in Economic Losses Due to Crisis

Oil Pipeline in Mareb

The Minister of Industry and Trade in the caretaker government, Hisham Sharaf, said that indicators point to the fact that the current political crisis, which is continuing for the third month, has caused losses to the national economy, tourism, investments and exports reaching between US $4 to 5 billion.

Sharaf, in a discussion with the al-Mithaq newspaper, said that he hoped that citizen’s basic needs like gas wouldn’t fall victim to the current political wrangling.

Blocking the road between Sana’a –Marib is the main reason in the lack of gas, as 90% of Yemeni gas comes from Marib, Sharaf added.

He pointed to the import of large quantities of additional gas from overseas via the port of Aden to resolve the acute crisis from which citizens are suffering.

Sharaf stressed on the need to release vehicles, gas, and oil seized on the Marib – Sana’a road by bandits.

Sharaf also considered that the increase in the price of the dollar against the riyal was mostly artificial, caused by the current political crisis and low state revenues of the foreign currency.

These, he continued, are themselves the result of the suspension of oil exports and the explosion of oil pipelines several times.

He also predicted that the dollar price will return to normal after a short period of time after the resolution of the political crisis.

Sharaf confirmed that the Gulf Countries, especially Saudi Arabia, UAE and Kuwait will stand by Yemen the period after the crisis to make a quantum leap in the economy and the advancement of human development, infrastructure, and technological modernization.