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Yemen needs more than $14 billion to restore its infrastructure and economy

Yemen needs more than $14 billion to restore its infrastructure and economyCivil war in Yemen has already damaged infrastructure and economic to more than $14 billion, according to Reuters quoting its resources.

A confidential report, The Preliminary Damage and Needs Assessment report, seen by Reuters, highlights the effort needed to rebuild the country, where more than half the population is suffering from malnutrition. It is an internal working document that is not being publicly released.

"The conflict has so far resulted in damage costs (still partial and incomplete) of almost $7 billion and economic losses (in nominal terms) of over $7.3 billion in relation to production and service delivery," said the May 6 joint report by the World Bank, United Nations, Islamic Development Bank and European Union.

Yemeni government of President Abd Rabbu Mansour Hadi, which is recognized internationally, is straggling against the Iran-allied Houthis militants.

During 16 months of civil war more than 6,500 people were killed, 2.5 million lost their homes. All that leads to a humanitarian catastrophe in a country with a per capita gross domestic product the World Bank last estimated at only $1,097 in 2013.

The report focused its attention on restoring import financing, particularly for food and fuel, which is caught in a conflict between the Saudi-backed government and the central bank in rebel-controlled Sanaa.

"As long as the conflict is ongoing, it's key to keep going the basic imports needed to avoid a humanitarian crisis. That is a very critical issue right now," the IMF's Yemen Mission Chief Albert Jaeger told Reuters. "The best the international community and donors can do is to find a way to get the government and the central bank to cooperate to get at least the humanitarian side of things going."
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