Source: Yemeni Ministry of Foreign Affairs
The Minister of Foreign Affairs and Expatriate, Dr. Shaya’ Al-Zindani, participated on Friday in the 48th ministerial meeting of the Group of 77 and China, held on the sidelines of the 79th session of the United Nations General Assembly in New York.
The Minister noted that this meeting convenes at a critical time for many developing countries, including the Republic of Yemen, which faces grave challenges due to the coup by the Houthi terrorist militias, climatic shocks, and the deterioration of the economic infrastructure.
The Foreign Minister discussed some fundamental ideas for supporting the joint efforts of the G77 and China in facing the current financial and developmental challenges.
He stated, “One of the biggest challenges facing Yemen today is the significant gap in the ability to mobilize domestic resources, and the Houthi coup has led to a sharp decline in tax revenues. Enhancing national capacities in public financial management and building effective revenue collection systems requires direct international support.”
He added, “Yemen needs advanced technical assistance and specialized training programs to enable it to rebuild its financial institutions in line with best international practices, especially since external funding is a lifeline for many developing countries, particularly those suffering from conflicts, but the increasing debt and debt servicing pose an obstacle to recovery and reconstruction efforts.”
