Yemen: Feminist Summit Praises Exchange Rate Decline and Calls for Radical Reforms

Arab Sea Newspaper - Special

Arab Sea - Yemen - Special: The Women's Summit welcomed the recent decline in foreign exchange rates against the Yemeni rial, considering it a long-awaited positive development and a step that could represent the beginning of a path to economic recovery in Yemen, if supported by serious reform measures that address the roots of the currency crisis and prevent a recurrence of monetary collapse. The summit affirmed, in a statement issued by it, that any improvement in the exchange rate should not remain merely a circumstantial or temporary reaction, but should be based on a strong economic and financial structure capable of facing fluctuations and maintaining stability. The statement stressed the need for this decline to be accompanied by practical and sustainable steps, including the coordination of monetary and fiscal policies, combating administrative and financial corruption, and enhancing transparency in resource management, as essential conditions for achieving livelihood stability for citizens. The statement explained that the rise in the exchange rate during the past years had a direct impact on increasing the prices of goods and services, declining purchasing power, and rising rates of poverty and hunger, which negatively affected the lives of citizens, especially marginalized groups and women who support their families, who bear the greatest burden under harsh living conditions. The summit called for the implementation of a package of structural reforms, most notably restructuring the wages of all employees in the local currency, disbursing the salaries of security and military personnel in Yemeni rials, and unifying the salary payment mechanism in a way that achieves justice and equality, in addition to adhering to financial laws by all authorities. It also called for resolving monetary divisions, unifying the monetary authority, merging financial institutions, and activating public revenue institutions, including exporting oil and gas and collecting taxes and customs in accordance with applicable laws. The summit stressed the importance of activating the role of oversight bodies such as the House of Representatives, the Central Organization for Control and Auditing, and anti-corruption bodies, in addition to reforming the electricity sector using clean energy, rehabilitating the Aden refineries to benefit from their national resources, and strengthening oversight of exchange companies and shops. The Women's Summit also renewed its previous recommendations on the need for women to participate equally in all economic committees and national and international negotiations, especially in light of the multiple impacts of the economic crisis on them, stressing that involving women in formulating economic policies is an essential element for achieving comprehensive and equitable stability. The statement concluded by emphasizing that the decline in exchange rates will not be of real benefit unless it is reflected in people's lives by reducing the prices of goods and services and improving purchasing power, calling on all concerned parties to assume their responsibilities in adopting comprehensive and profound reforms that guarantee economic and social stability in the country.