Economy In Brief [Archives:2001/39/Business & Economy]

September 24 2001

Upgrading Dock in Hodiedah
Huge investment horizons in the Red Sea have been revealed by the geological and geophysical studies in the field of the gas and oil. Preparation in the project is underway. It was implemented by the Iranian Nasr bin Aiad Company at the cost of one billion USD. The project aims at increasing the storage power to 100 percent for diesel, 50 percent for gasoline and widening the deck for receiving the huge ships in addition to some essential utilities.
Holland Grants Yemen 12 million USD
Yemen has received a grant-in-aid from the Dutch government totaling 12 million USD to finance a number of developmental projects in some of the governorates of the republic in all developmental sectors such as agriculture, water, education, and health. The Dutch grant-in-aid has come within the framework of support of the Dutch government to some of the important live sectors in Yemen such as poverty alleviation according to the administrative, financial, and economic reform program. The two Ministries, the Ministry of Development and Planning and the General Works Project, have reached an agreement in which 8,800,000 USD was allocated by the Ministry to some important projects such as education, agriculture, water, and health.
Net Budget Increases
Statistics has indicated that the actual net surplus of the budget has reached to 97,461,486,000. This indicates that the deficiency is on the upgrade. The independent and appendix budgets have achieved an actual surplus totaled 81,821,58000.
The final report of statistics of the budget last year have indicated that the actual surplus totaled 6,773,160,00 YR.
Five Year Plan discussed
The parliament and the Consultative Council have discussed the second five-year plan (2002 – 2001). A notable concern is paid to increase the social expenditures, which exceeds education from 13,2 percent to 198,9 billion per year. The plan has seeking to increase the foreign investment to finance the investment projects and making use of the expected surplus in the current account. The plan is expecting to put an end to the rapid growing of the foreign debts and settling the current liabilities by way of reducing debts from 4943 million USD in 2000 to reach 3854 million USD in 2005 and its reduction as a percentage added to the overall from 57,9 percent to 44 percent.