Yemen to issue $500m sukuk in 2011

27 Dec 2010

(MENAFN) The Yemeni finance minister said that his country would increase 2011 Islamic bonds issuance to five hundred million dollars despite security concerns and economic challenges, reported the Gulf News.

The minister said that the original plan was for Yemen to issue Islamic bonds worth between $250 and $300 million in order to create another means for government financing as well as reduce the budget deficit.

The minister added that for 2011, expenditures were estimated at $9 billion while revenues were estimated at $8 billion. The deficit will be around $1 billion, which amounts to 3.8 percent of GDP.

It is worth noting that Yemen is finding it difficult to secure investors due to insecurity concerns.

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