Increasing Yemeni Budget Deficit, Despite High Oil Prices [Archives:2000/44/Front Page]
Reports of the Central Organization for Control and Audit (COCA) for 1995,1996 and 1997 which have been already presented to the Public Property Prosecution concerning the General budget recorded a number of violations and recommended to take suitable measures.
In its 25th session held in the current month, the parliament agreed on combining final calculations of the budgets for 1995, 1996 and 1997 and came out with a number of recommendations to the government at the end of discussion of the aforementioned budgets.
The total expenditure of the project of 2001 budget reached YRs 501,880,000,000 marking a difference of YRs 79,633,000,000 to 2000s. In addition, revenue for 2001 is estimated at YRs 487, 844, 000,000 marking an increase of 98, 891, 000, 000 since 2000.
The Budget deficit for 2001 is estimated at 14, 830, 000,000 rials, i.e. 0.6% of the total national production.
Economists expressed their amazement about the deficit especially with the governments declarations of cut-backs in expenditure.
Despite the global increase in oil prices, it is expected that deficit of the general budget this year until the end of 2001 will not reach the target level as suggested by the IMF at 3% of the total local production.
Economists are still amazed at the inability of Yemen to get rid of deficit despite the increase in oil price which is supposed to help demolish it.
Participants in the 5th Scientific Conference held at the college of Commerce pointed out that the budget allocated to high education was 14, 17,000,000 rials out of which 3,418,000,000 is spent on scholarships abroad.