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FINANCIAL NEWS
Yemen sets a plan to reform economy
20 Nov 2014
(MENAFN) Yemen announced that it is planning to follow a new plan of economic and administrative reform, in hopes of developing the country’s economy as well as increase its income without having to raise the price of petroleum products, KUNA reported.
Yemen, which had paid about USD 22 billion on petroleum products in the past 10 years, said that it had to pay USD3 billion in support of oil for the public during the January-June period of this year, which is 20 percent of the budget expenditure and causing a deficit in the country budget of USD5 billion
The new plan includes providing a partial support on petroleum and diesel, fighting corruption in the government, as well as focus on the country’s youth to rebuild the country economy which has suffered due to the recent political unrest that swept the country.
Meanwhile, the International Monetary Fund (IMF) said that it has provided the Yemeni government with around USD 552.9 million in credit facility arrangement, with the first payment, which is about USD 73.8 million given to the government last September.
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