More than YR 64 billion deficit in 2003 budget [Archives:2002/47/Business & Economy]

BY YEMEN TIMES STAFF
It is reported that the estimated volume of revenues in Yemen’s general budget project for the year 2003 is amounting YR 604 billion, 371 million and 521 thousand ,compared to revenues of 2002 that have been estimated at YR 482 billion and 21 million.
The volume of expected expenditure for the next year is reported to amount to YR 668 billion, 400 million and 570 thousand against YR 531 billion and 829 million of the current year. As for the deficit in the next year budget it is estimated at YR 64 billion, 29 million against YR 49 billion 808 million for the present year budget, which means a deficit increase of more over YR 15 billion.
The total amount of credits for use by the public sector productive institutions and their revenues for the year 2003, has been estimated at YR 641 billion and 349 million. The general budget project has defined surplus of activity by productive public sector institutions to an amount of YR 42 billion and 40 million.
The government contributions to productive public sector projects in the next year budget are estimated at YR 19 billion and 651 million.
It is to be noted that rise in amount of net deficit in the next year budget was estimated on basis of USD 21 as price of oil barrel in world m market. The council of ministers has set up follow-up committees for finishing and publishing the financial statement of the coming year. The council has also formed a committee for studying and reconsidering the situation of some state institutions that are not performing well. The council has also entrusted deputy prime minister, the minister of finance and the minister of oil and minerals to present a detailed report on condition of Aden oil refinery with an aim of guaranteeing the realization of balance in its performance and to offer part of it to privatization.
The council of ministers promised that in the budget of the next year it would work on implementing the strategy of reducing poverty and building investment projects providing new job opportunities for the unemployed and the graduates.
It is important to mention that Yemen, which produces about 470 thousand barrels per day, depends by 65% on crude oil revenues for supporting the state budget.

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