Yemen’s PLC in 100 Days: Overcoming Divisions, Prioritizing the Economy

The Yemeni Presidential Leadership Council in Aden, mid-April 2022 (Saba News Agency)
The Yemeni Presidential Leadership Council in Aden, mid-April 2022 (Saba News Agency)
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Yemen’s PLC in 100 Days: Overcoming Divisions, Prioritizing the Economy

The Yemeni Presidential Leadership Council in Aden, mid-April 2022 (Saba News Agency)
The Yemeni Presidential Leadership Council in Aden, mid-April 2022 (Saba News Agency)

The Yemeni Presidential Leadership Council (PLC) has completed 100 days in office, after the historic decision resulting from the Riyadh consultations to hand over power to the Council on April 7.

To date, the PLC is still required to fulfill the great promises it made at the beginning of its term.

The promises included achieving breakthroughs in economic and living conditions, providing services, restoring the state, and achieving peace for Yemenis.

In an interview with Asharq Al-Awsat, political analyst Fares al-Beil pointed to the mostly positive rhythm the PLC was moving in, adding that if it continues to move in that direction it would be able to go far in making the government present with people’s support.

Moving in the right direction, according to al-Beil, means that the PLC would be able to achieve more in terms of normalizing life in Yemen and recovering basic services in Aden and other liberated regions.

“The PLC’s speech so far appears superior and mature,” al-Beil told Asharq Al-Awsat, adding that the body, in order to remain influential, must take actual steps on the ground and fulfill the clear and specific promises it made.

It goes without saying that the military conflict is the most sensitive and urgent file facing the PLC as unifying the military and security formations remains crucial for the country to move forward.

Therefore, the PLC approved the formation of the joint security and military committee to achieve security and stability, led by the veteran military figure Haitham Qassem Taher.

The PLC seeks restructuring armed and security forces in accordance with Article V of the Declaration on the Transfer of Power.

Although the committee was established in late May, the committee has not yet taken any notable action.

This indicates that the committee is still in the process of accomplishing the tasks entrusted to it, which aim to achieve the integration of the armed forces under a unified national command structure within the framework of the rule of law.

Speaking to Asharq Al-Awsat under the conditions of anonymity, a security and military researcher predicted confusion and delays striking the committee’s work.

“The task at hand is so difficult and complex that it takes years to complete,” they said, explaining that the committee needs to secure agreements, concessions, and acceptance.

According to the researcher, the committee must deal with challenges rising on multiple fronts, including the war waged by Iran-backed Houthi militias.

During the past three months, change brought about by the establishment of the PLC had a noticeable political impact.

The PLC assuming power has unified political discourse in the media and lowered the intensity of bickering among Yemeni forces and parties.

It also reminded everyone of the need for unity in the battle against coup militias.

Journalist Ibtihal Al-Mikhlafi argues that although the PLC succeeded to some extent in mitigating the language of division, citizens will ultimately assess the council’s performance through examining economic and service files.

“We are fully aware that the PLC carries sensitive files; Therefore, 100 days in office is not enough to evaluate its role,” Al-Mikhlafi told Asharq Al-Awsat.

“The PLC has made several promises in the economic aspect, the results of which have not yet appeared,” she added.

Al-Mikhlafi pointed out that the visits of PLC Chairman Rashad al-Alimi to several regional countries make for good efforts to attract economic support for Yemen.

Yemenis are waiting for achievements that can be built upon in terms of services and livelihood and finding solutions to the economic crisis in liberated areas.

Since the PLC assumed power, there has been relative living and economic stability in Yemen. The PLC’s rise to power has helped the stability of local currency exchange rates against foreign currencies.



COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
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COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)

Countries agreed at the UN's COP29 climate conference to spend $300 billion on annual climate finance. Here are some ways of understanding what that sum is worth:

MILITARY MIGHT

In 2023, governments around the globe spent $6.7 billion a day on military expenditure, according to the Stockholm International Peace Research Institute.

That means the $300 billion annual climate finance target equates to 45 days of global military spending.

BURNING OIL

$300 billion is currently the price tag for all the crude oil used by the world in a little over 40 days, according to Reuters calculations based on global crude oil demand of approximately 100 million barrels/day and end-November Brent crude oil prices.

ELON MUSK

According to Forbes, Elon Musk's net worth stood at $321.7 billion in late November. The world's richest man and owner of social media platform X has co-founded more than half a dozen companies, including electric car maker Tesla and rocket producer SpaceX.

STORM DAMAGE

Hurricane Katrina, one of the most devastating and deadliest cyclones in US history, caused $200 billion in damage alone in 2005.

This year's climate-fueled Hurricane Helene could end up costing up to $250 billion in economic losses and damages in the US, according to estimates by AccuWeather. While preliminary estimates by Morningstar DBRS suggest Hurricane Milton, also supercharged by ocean heat, could cost both the insured and uninsured nearly $100 billion.

BEAUTY BUYS

The global luxury goods market is valued at 363 billion euros ($378 billion) in 2024, according to Bain & Company.

COPPER PLATED

The GDP of Chile - the world's largest copper producing country - stood at $335.5 billion in 2023, according to World Bank data.

GREECE'S BAIL OUT

Euro zone countries and the International Monetary Fund spent some 260 billion euros ($271 billion) between 2010 and 2018 on bailing out Greece - the biggest sovereign bailout in economic history.

BRITISH BONDS

Britain's new government needs to borrow more to fund budget plans. Gilt issuance is expected to rise to 296.9 billion pounds ($372.05 billion) for the current financial year.

TECH TALLY

A 10% share of tech giant Microsoft is worth just over $300 billion, according to LSEG data. Meanwhile the market cap for US oil major Chevron stood at $292 billion.

CRYPTO

The annual climate finance target amounts to 75% of the total value of the global market for crypto currency Ether, the world's second-largest cryptocurrency.

Alternatively, 3 million Bitcoin would cover the annual climate finance target as the world's largest cryptocurrency closes in on the $100,000 mark following a rally fueled by Donald Trump winning the Nov. 5 US presidential election.