Yemen GDP (YER bn)

The war-torn country’s economy will have remained in a dire state so far this year. However, in late February, a general goods cargo ship docked at Houthi-controlled Hodeidah for the first time in at least seven years. This feat signals further progress in trust-building between the warring parties, boding well for peace talks. In further positive news, in late February, Saudi Arabia deposited USD 1 billion to Yemen’s Central Bank, which should alleviate some pressure on the Yemeni rial. Meanwhile, in late February, the UN appealed for USD 4.3 billion in aid for this year; the funds would be used to support and protect citizens. So far, USD 1.2 billion has been pledged. For reference, in 2022 USD 2.2 billion in funding was secured. Additionally, the UK recently launched a new food security program that will help up to 40,000 people on a monthly basis.