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Badhib: GDP declines 50 percent, inflation rises 200 percent due to Houthis' attacks on oil exports docks

[04/02/2025 04:08]

ADEN - SABA
Minister of Planning and International Cooperation Dr. Waed Badhib blamed the Iranian regime backed terrorist Houthi militias for inflicting crippling loses on the Yemeni national economy and seriously exacerbating the economic hardships the Yemeni people have been enduring.

He noted that the Houthi militias economic escalation and attacks on oil export ports led to a decline in the Gross Domestic Product (GDP) by more than 50 percent, while cumulative inflation rose up above 200 percent and the value of the Yemeni riyal depreciated by 700 percent since 2014.

Dr. Badhib's made his statement as he contributed via video conference to the Joint Technical Committee for Determining Yemen's Development Needs held a meeting today, Tuesday, in its twenty-second session with a participation by the Assistant Minister of Foreign Affairs for Development and International Cooperation in the State of Kuwait, Minister Hamad Suleiman al-Mishaan, the Ambassador of the Gulf Cooperation Council countries to Yemen Sarhan al-Munaikher, the Assistant Supervisor General of the Saudi Program for the Development and Reconstruction of Yemen (SPDRY) Eng. Hassan al-Attas and representatives of Arab and Gulf funds and international institutions.

The Minister of Planning praised the pioneering and pivotal role of the Kingdom of Saudi Arabia in providing substantial support through the SPDRY, which carried out 227 vital projects at a total cost of 861 million dollars the areas of health, education, water and energy sectors. Adding to that there are presently 37 projects are being implemented at a cost of 241 million dollars.