As Yemen, the poorest and yet most populous country in the Arabian Peninsula faces an unprecedented economic crisis, embattled President Abdo Rabbo Mansour Hadi is calling in the cavalry to end his government’s cash hemorrhage.
While Yemen has benefited from exceptional financial and political support from both the GCC countries and more broadly the international community, the impoverished nation has been unable to rise above its over-lapping crises and political entanglement, leaving Yemen cash-strapped and on the verge of an all mighty economic meltdown.
Often called a failed state, Yemen could soon add bankrupt to its long list of misery.
Determined to salvage whatever left of Yemen’s financial resources, President Hadi has now ordered a grand inventory of all government’s assets and rolled out a list of austerity measures for government officials. Moving forward Yemeni state dignitaries will be put on a strict budget, beginning with a clamp down on travelling expenses.
Officials have already told reporters President Hadi intends to “ease pressure on the impoverished state’s crumbling public finances,” in a last ditch attempt to weather Yemens’s brewing economic storm.
While Saudi Arabia agreed to offer Yemen some immediate financial relief, such aid will likely get swallowed up in the country’s debt black hole. What Yemen needs have said economist is political stability to promote its financial recovery plan.
In a statement published late on Wednesday, President Hadi announced that his austerity package will allow Yemen to have some breathing space at a time when oxygen has been wearing ever so thin.
“Government officials, including ministers, are to be limited to a maximum of four overseas trips a year. The maximum duration of stay during official travel should not exceed five days … State officials are no longer permitted to travel first or business class,” the statement read.