RIYADH — Saudi Arabia, United States, United Kingdom and the United Arab Emirates have underlined their commitment to a comprehensive Yemeni-led peace process under UN auspices.

The countries, known as the Quad, recently met to discuss the situation in Yemen and expressed their full support for the efforts of the UN Special Envoy for Yemen Hans Grundberg.

The Quad commended the UN for hosting a Yemen humanitarian pledging conference on Feb. 27 but underlined that efforts to strengthen Yemen's economy are fundamental to reducing humanitarian need.

The Quad discussed their recent efforts to bolster Yemen's economy, including through external finance.

They highlighted the contributions of Saudi Arabia and the United Arab Emirates through deposits provided to the Central Bank of Yemen, as well as progress in converting Special Drawing Rights.

The Quad expressed support for the government of Yemen and Central Bank of Yemen's reforms over the past 12 months, including the successful introduction of a new transparent foreign exchange auction.

These reforms have increased international confidence that will enable further external financing to these institutions.

The Quad called on the government of Yemen to increase transparency over the use of resources, to consult with the private sector on future economic measures, and to continue advancing its reform agenda, especially in the electricity sector.

Owing to the negative impact of Houthi terrorist attacks that have blocked oil exports, the Quad agreed that new measures introduced by the government of Yemen to boost revenues were critical to sustain government services.

The Quad nations underlined their willingness to continue working closely with the Presidential Leadership Council under the leadership of President Rashad Al-Alimi, the government, and the Central Bank Governor, to further stabilize Yemen's economy.

This includes a commitment to continue the provision of technical assistance, as well as supporting the implementation of an economic reform program, with the Arab Monetary Fund as the technical body.

The Quad condemned Houthi economic warfare — including threats to oil infrastructure, traders, and shipping companies — which contributes to the alarming humanitarian situation in Yemen. — SG