Business in Brief [Archives:2008/1127/Business & Economy]
– Yemen's external debts increases by US$ 341 million
The Central Bank of Yemen has stated that Yemen's external debt has increased from US$ 5.47 billion in 2006 to US$ 5.811 billion in 2007, with an increase of US$ 341 million, out of which US$ 291 is new loans borrowed from the International Development Agency (IDA). The Central Bank has also stated that the bank's foreign reserves has increased from US$ 7.545 billion by the end of 2006 to US$ 7.762 billion by the end of 2007.
– Yemen's crude exports fall by 23 percent in 2007
According to official sources, Yemen's income from crude oil exports has decreased from US$ 4.013 billion in 2006 to US$ 3.087 billion in 2007, due to a decrease in production of 33 percent. Oil production in 2007 has decreased to 42 million barrels compared to 64 million barrels in 2006.
– Yemen to export labor to Saudi Arabia
Minister of Vocational Training Dr. Ibrahim Hajri has stated that the ministry is working on a massive training program to train and export qualified workers to neighboring countries, especially Saudi Arabia which will require over 100,000 qualified Yemeni workers to work in various fields. He also stated that there are 62 vocational training centers working towards producing qualified human resources for the job market.
– Japan to focus on agricultural development in Yemen
The Japanese Embassy in Sana'a has indicated that Yemen will receive considerable support in the agricultural sector in order to expand the production of wheat and other grains in the country and help Yemen improve its food security.
– Socialist party warns of economic collapse
The Yemeni Socialist Party (YSP) has declared that Yemen's economic realities are very grim, and that the manifested corruption and the dysfunction governance will result in economic collapse. The party added that the talk about reforms, economic development, and attracting investments are mere lies publicized by official media only for political consumption and regime sustainability.
– Economic Corporation suffers from subsidizing wheat and flour
The Deputy General Manager of the Yemen Economic Corporation has stated that the corporation is suffering severely from subsidizing flour and wheat, adding that the strategy to flood the market and sell at prices lower than market prices by 18-19 percent will affect the financial performance of the corporation.
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