Economic Team of the Transitional Council discusses expected impacts of Coronavirus

Dr. Abdul Salam Humaid, Advisor to the President of the Southern Transitional Council for Economic Affairs, chaired on Saturday, in Aden the capital, a meeting of the Transitional Council’s economic team.

The meeting discussed the expected negative effects that the economic sector will face due to the outbreak of the Corona virus pandemic worldwide.

The meeting reviewed the conditions of the stock (food and drug) in the capital, Aden and other southern governorates, perceptions, ideas and proposals to ensure the smooth flow of the commodity import process, and to provide adequate supply to the needs of society through coordination with the relevant authorities (the government and the Arab coalition), as well as coordination with the Chamber of Commerce and the Supreme Authority For medications.

The meeting stressed on the need for the commercial and industrial sector to assume its responsibility towards society in this exceptional circumstance, and to play its role in importing and selling these goods in the local market, away from monopoly and black markets.

Dr. Abdulaziz Al-Dali, advisor to the President of the Southern Transitional Council for Political Affairs, who participated in this meeting, warned that countries producing food, medicine and other products are heading towards isolation and self-sufficiency, in order to avoid the spread of the virus infection, to be able to solve their problems and secure needs of goods and services for its people.

Al- Dali pointed out that challenges and difficulties will emerge sharply for countries dependent on importing their basic needs from abroad, and our country is one of them, especially in light of the ongoing war, which has weakened economic capabilities to a degree not previously undertaken.

For his part, Dr. Abdul Salam Humaid stressed that our country is 90% food importer, and 100% rice, sugar and some other commodities, which makes it more vulnerable to food security.

Dr. Abdul-Qawi Mohammad Saleh, Head of the Economic Department in the General Secretariat of the Presidency of the Southern Transitional Council, presented a brief image of the current economic scene in the southern governorates, explaining the level of the large deficit in the services sector, especially electricity and water, and the significant negative effects of the local exchange rate on the prices of goods and services.

The meeting came out with a set of decisions and recommendations, which emphasized on the need to coordinate with the leadership of the Chamber of Commerce and Industry, and the leadership of the High Authority for Medicines and related parties to hold an urgent meeting during this week, to study and specify the size of the stock of these commodities to come up with concepts and treatments that help to face these challenges.