Cabinet Approves 2002 Budget Expenses Increase of Deficit Soars Up to 3% [Archives:2001/49/Local News]
The Cabinet endorsed last Tuesday the bill of the general of the fiscal year 2002. The total amount of the budget for the central local authorities is put at 531,829,160 Yemeni riyals as expenses. The revenues are put at YR 482,20,513. The deficit is estimated at YR 49.808 million and 3% of the total local production. The government said the focus would be on the projects which are underway, giving more privileges to local authorities. The increase in the budget of the coming year is around YR 33 billion, as the budget of 2001 is YR 501.882 million. The revenues of the 2000 budget were YR 487.844 million. It is also noticed that there is a wide gap between the deficit in the 2002 budget and that of this year, for the deficit of this year is only YR 14.830 million (0.6%).
Although the government said last year it would try to abide by the expenses stated by the budget bill, it failed to achieved this goal. A few weeks ago, it requested that the Parliament approve an extra approbation of YR 75,351,393,000. Of course, this has revealed a wide gap between the expenses and the deficit in the budget of 2001.
The Parliament is expected to start debating the new fiscal year budget after Ramadan.