New report reveals government's priorities for 2009, 2010

A new economic report issued by the Ministry of Planning and International Cooperation revealed the government’s determination to implement a package of proceedings and treatments aimed at motivating and increasing the rate of economic growth for 2009 and 2010. 

The report stressed the need to avail from potential opportunities in non-petroleum related economic sectors, speeding up implementing donors’ commitments to development projects, and starting an implementation process for various other projects. This will represent a priority in the government’s work agenda during this, as well as the upcoming year, as well as encourage exploration and extraction of oil and minerals in new areas. This will promote further investment in areas where the initial geological surveys have proven the existence of commercial quantities of oil. 

The report also indicated that the government is preparing to implement a national strategy to exploit local economic opportunities, particularly in the Aden Free Zone. However, they will also focus on other sources of economic activity and seek to improve existing infrastructure, which serves both economic and investment activities. 

The report indicated the government is seeking to strengthen and diversify the Yemeni economy in the face of a sharp decline in global oil prices. They are also seeking to establish a sound country-wide financial policy to reduce prices in Yemen by controlling the amount of cash on hand at the Central Bank of Yemen (CBY), and by reducing lending rates so as to serve the growth of real local income. 

It also pointed to improving the machinery of existing financial policy, developing a foreign currencies market, and upgrading the internal payments system. The government is currently revising existing financial policy in the hopes of motivating investment and production, as well as finding a balance between both investment and operational expenses, and reducing the need to open extra credit in the general budget. 

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