Business & Economy
Written By: Faisal Darem
Article Date: Dec 24, 2011 - 7:57:02 PM
The government puts returning the affected basic services in its urgent priorities, topped by electricity and oil derivatives.
Economic experts confirmed that the Yemeni economy was suffering greatly even before the crisis, but the political unrest exacerbated the situation.
Dr. Mohammad al-Maitami, a professor of economics at Sana’a University have said "Tens of thousands of small businesses stopped working, leading to tens of thousands of workers losing their jobs, and many business people lost their capital because of the disruptions."
Al-Maitami called the economy "the focal point of the political process, and the root of the humanitarian problems".
He said commodity prices have risen seven-fold, especially after the absence of oil derivatives from the market, which will lead to higher inflation this year.
"These losses cannot be regained in a short period of time, and hard work is required to mitigate the negative effects on the economy and subsequently achieve partial stability," al-Maitami said.
The cabinet approved Monday the national reconciliation government's general program, which is to be submitted to the parliament soon.
In its meeting chaired by Prime Minister Mohammed Salem Basindwa, the cabinet assigned Higher Education and Scientific Research Minister and the cabinet's secretary general to revise the program taking the ministers' notes into consideration.
The program is based on the constitution, Gulf initiative and its executive mechanism in addition to the draft 4th four-year plan for socio-economic development and poverty reduction 2011 – 2015.
It targets a set of priorities the government will focus on to tackle the challenges Yemen is facing currently.
In the political area, the government will mobilize all national efforts in order to restore political stability and security, create the suitable environment to achieve safe and peaceful transfer of power, respect human rights and carry out the youths' legitimate demands for change.
Economically, the government puts returning the affected basic services in its urgent priorities, topped by electricity and oil derivatives.
The government will seeks to convince the fraternal and friendly States to establish a special international fund for Yemen to finance priority projects for governorates' development and contract with consulting firms to prepare the required studies and select companies to carry out them.
In addition, it will set up a fund to present monthly assistances for families of killed and wounded people and to hospitalize the wounded people abroad if required.
The government will form committees to contact with youth movements all over the country to discuss and involve them in determining the country's future.
• Yemen government seeks $ 11 billion from donors
• Indonesia’s Medco Energi buys RIL’s stake in Yemen oil block
• Counterfeit currency enters money market in Yemen
• Yemen Ministry of Planning reviews emergency fund
• Yemen raises capital of the Reconstruction and Development Bank