Quick links: Yemen Economy
New Finance Minister says very logical things about tax reform: “Although gaining high tax revenues is the goal of the Tax Authority, the matter in practice is very different. Tax is not usually collected according to proportional tax system and the tax receptacle is not covered properly,” said al-Asali. (Also penalties: sometime, somewhere the notion of criminal prosecution for corruption has to come into play.)
Saleh cancels Aden Port deal with DPI, in response to Parliament and other objections. Gulf News calls it a renegotiation.
The first investment and HR development conference, sponsored by Gobari Investment Group, concludes today under the title, “Development and investment can only be realized by our own efforts.” Trade Minister who tried to cancel the conference last week does not attend.
European Commission: Yemen’s investment climate unhealthy.
New Minister of Planning: The statement from the ministry said that the meeting would be “different than others” as it would deal with serious directives of the government to combat corruption and enhancing reforms process in the country.
World Bank funds electricity project:
The World Bank 2005-05-23 approved a Credit to the Republic of Yemen for SDR35 million (US$50 million equivalent) to help finance the Power Sector Project. The objectives of the Project are to relieve critical power supply constraints and enhance the overall technical efficiency and quality of electricity supply by supporting the Republic of Yemen’s power sector reform initiatives and strengthening the sector’s corporate governance to improve the efficiency of the Public Electricity Corporation.
Yemen is the least electrified country in the MENA region, with only about 40% of the total population having access to electricity. In rural areas, the electrification rate is very low at only about 20%. More than half of the rural power supply comes from cooperatives, the private sector, and auto-generation, and not from the Government-owned Public Electricity Corporation system.
The low access and the absence of reliable electricity supply have been recognized as severe constraints to economic growth in Yemen, and to the achievement of the Government of Yemen’s poverty alleviation objectives. “Economic growth and a better quality of life for the Yemeni people will be realized with adequate access to reliable electricity services”, commented Somin Mukherji, Project Task Team Leader.
Ruling Party MP’s summon Finance Minster about currency fluxuations:
SANA’A- Members of Parliament have made urgent calls that Minister of Finance Dr. Saif Al-Asali appear before Parliament to explain the recent surge in the price of US dollar against the Yemeni rial. Last week, MPs criticized the “ignorance of the presidential board” for a request presented by Saleh Abu Adal and Abdul-Kareem Jadban, members of the GPC ruling party in the parliament, to summon the minister over a decrease in the exchange rate.
Nabeel Basha, an MP of the ruling party, asked presidency of the parliament to allocate a session to discuss the issue.
He said it was a key issue associated with the life of all citizens, and that Yemen does not have a currency rules policy.
Meanwhile, police arrested three groups of people on charges of forging Saudi and Yemeni currencies in different governorates.According to security sources in Mukalla city in Hadhramout, police arrested and jailed one man for forging YR 30,000 rials. Investigations are continuing. In Abyan governorate, police arrested two men accused of selling and forging Saudi money. In Mahweet, 11 men were arrested on charges of forging Saudi money.
Yes, Parliament has a role in ensuring the conduct of the government on issues that effect the lives of all citizens.
Saudi Support: Saudi Crown Prince Sultan Bin Abdel Aziz is to approve new loans to impoverished Yemen of $160 million during a visit to the southern port of Mukalla on May 31, official media said.
YM: New Oil MInister embraces transparency. (Hopefully will give support to EITI which looks very good if everyone can get on board-ie, the Extractive Industries Transparency Initiative .)
