The Yemen National Bank to Be Privatized [Archives:2000/03/Local News]

January 17 2000

The World Bank, carries out measures of economic reforms, exercises great pressure these days on the Yemeni government to privatize the Yemen National Bank which according to reports of the World Bank conducted last year was one of the most successful banks in Yemen. The Bank used to be the formal bank in the southern governorates before the unification.
Privatizing the bank will be divided as follows: 10% for workers, 30% for the government and 60% to be for sale.
The World Bank statement stated that the 60% should not at all be monopolized by some specific officials.
Privatizing the bank will be against the privatization law passed by the president of the Republic which reveals that privatization should include those bodies that are not at all active.
The World bank is privatizing the bank under the pretext to attract investors and to show that the government does not privatize the failed bodies and institutions.
The Central Organization for Control and Audit objected to this action and stated that the evaluation of the assets of the bank and its structure was far from being proper. Therefore a committee was formed to make an evaluation and the result was completely different and is far more than that made by the Development and Planning Ministry.