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Yemen participating in WB and IMF annual meetings
Real estate news By News Yemen
20/10/2007
The government announced Saturday it has completed the second phase of the Salaries Strategy with a cost estimated at Yr 100 billion despite the advice of the World Bank to the government to lessen expenditures in order to "reduce inflation and challenge oil revenues dropping." Although, the World Bank has repeatedly advised Yemen to continue lifting subsidies on oil derivatives, it has called for increasing the ability of the Social Care Fund so that it could "compensate the poor, especially with the sharp increase of wheat price."
It has also urged the government to adopt an economic policy that raises non-oil production sectors; to improve the competence of Yemen's exports; to better the investment environment and to wisely handle revenues of tax and customs. Meanwhile deputy premier, minister of planning and international cooperation Abdul-Karim Isamel al-Arhabi is expected to head a senior delegation to the annual meetings of the World Bank and the International Monetary Fund in Seoul on October 20-25.
Yemeni participating delegation will discuss at the meetings the economic situation of Yemen. The meeting came one month after the meeting of the executive council of IMF on 17 September 2007. WB and IMF has warned Yemen of "structural and economic challenges" Yemen must overcome to create job opportunities and reduce poverty.
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