Economy News [Archives:2001/49/Business & Economy]

December 3 2001

Yemen-UAELabor Agreement
An agreement concerning the exchange of labor between Yemen and the United Arab Emirates was signed in Emirates last week. The agreement includes 15 articles regulating the use of Yemeni labor in the Emirates through enhancing cooperation between the Ministry of Labor & Social Affairs in the two countries. The agreement focuses on facilitating the employment of Yemeni labor and creating laws and regulations that ensure the implementation of this agreement.
USD 1 Billion from World Bank
The World Bank (WB) decided to allocate USD 1.18 billion for the support of development projects, during the recent visit of President Saleh to the headquarters of the WB in Washington. During the visit, President Saleh met with the President of the World Bank and discussed the existing cooperation between Yemen and the World Bank, as well as means of enhancing this cooperation. The aid package offered by the WB to Yemen includes supporting the projects of the Five-Year Plan, with a particular focus on roads, dams and vocational training. Furthermore, an agreement was signed between the Republic of Yemen and the WB to earmark USD 50 million for financing disaster relief for the city of Taiz, as well as for supporting the local authority through local councils.
Cabinet Approves 2002 Budget
The Cabinet has approved in its last meeting the draft public budget of the government and its corporations totaling YR 531,920,016,000. Similarly the revenues of the budget are estimated to be YR 482,020,13,500 and the deficit to be YR 49,808,000,000, totalling 3% of the GDP.