Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Yemen shifts to big projects & restructuring [Archives:2005/810/Business & Economy]

archive
January 24 2005

Yemen is endeavoring to correct the defects in its national economy that it has been suffering from since 1995. The government has presented a new effort aimed at developing trade activity so that it is more in line with regional and world standards. It also intends to develop its use of technology and human resources.

The government remains committed to implementing economic reforms and continuing to restructure state institutions to increase growth. The reforms include wage reforms, financial and administrative decentralization, and reforms to the taxation and customs systems. The government also intends to attract investments to industrial zones for Hudeidah, Aden and Mukalla. It is hoped that this will help Yemen's accession to the World Trade Organization.

The Yemeni government has made it clear that what has been achieved for Yemen of those reforms came at a time when Yemen's economy was deteriorating rapidly. It defends its reforms by explaining that if they had not been implemented, the economy's conditions would have been much worse as the country's inflation was at about 77 percent, the budget deficit at 17 per cent, unemployment at 22 per cent and indebtedness at about $US11 billion. Then, after carrying out reforms, the deficit has dropped to between 3 and 3.5 per cent, inflation to between 8 and 10 per cent, unemployment has dropped to about 17.5 per cent, and the foreign debt than half of the previous figure.

Freedom of the market should play a pivotal role in construction of the national economy because it provides the opportunity for each citizen to contribute to building the country. The government must also work to reduce poverty and unemployment and working against corruption in state departments and institutions.

The objective must be to enhance economic growth by expanding the base of investment and by a commitment to comprehensive development and modernization of administration and institutions.
——
[archive-e:810-v:13-y:2005-d:2005-01-24-p:b&e]

Created with Raphaël 2.1.2