Like the Yemeni government, Yemeni businessmen have not disclosed the volume of their direct or indirect losses under the current financial crisis. There have been no official or exact figures about the volume of financial losses incurred by the world crisis on both sides.

 

Since 2001, there has been a wide disagreement between the government and the private sector over imposing sales tax and the law of sales tax has never left the papers to find its way to application.

 

In its recent meeting, the council of ministers approved a project for an additional credit during the current financial year at YR 66 billion.

 

The Middle East and North Africa continues to ease the regulatory burden of doing business, according to Doing Business 2009—the sixth in an annual series of reports published by IFC and the World Bank.

 

A report by the Oil Committee at Parliament indicated that the private sector in Yemen failed to establish and build one refinery in Dhabah in Ras Isa area, despite the different privileges it was granted together with the time period lasting for eight years.

 

Agriculture and Irrigation Minister Mansour Ahmed Al-Hushabi said that Yemen is the most vulnerable country to dryness over the next 20 years, and that is mainly due to climate change.  

 

Under the current pressing economic situation, male youth prefer to delay their marriage plans, as many of them get married at their early 30’s. Other youth prefer to give up the idea of marriage as they think that marriage will make them carry a burden which is too heavy.

 

Yemen has paid $500 million in compensation for foreign companies as these companies won the cases raised against the Yemeni government after the latter abolished effective agreements with them. Most of these agreements were signed under personal interests or big sums of commissions.

 

Yemenis expressed resentment over increasing bread loaf prices as Ministry of Trade and Industry issued a resolution ordering all bakeries to produce loaves of not less than 100 grams. The resolution also ordered bakers to sell bread in kilos and set the price at YR 180.

 

In his report submitted recently to parliament, Prime Minister Ali Mujawar assured that subsidies of oil and its derivatives take up two thirds of state budget while poor citizens' benefit from its derivatives do not exceed 22 percent.

 

New investment opportunities have opened the way for competition in Yemen between businesses, giving locals a variety of choices in products and a chance to accept the best that is offered to them.

 

New investment opportunities have opened the way for competition in Yemen between businesses, giving locals a variety of choices in products and a chance to accept the best that is offered to them.

 

During his electoral campaign in 2006, President Saleh announced yemenization of jobs in oil and gas companies working in Yemen. He also pointed out that the targeted percentage is 90 percent as it was part of his electoral platform.

 

Despite the government's denial of removing the state subsidies, oil derivatives traders have increased prices by half, paying no attention to the official warnings.

 

For ten years, the situation of street vendors whose numbers are increasing due to poverty and unemployment has not changed. Their rights are subjected to violations, blackmailing and confiscation by municipality and public works officials in all Yemeni cities and markets.

 

According to the last census conducted in 2005, Yemen is a country privileged by its young population wherein over 70 percent are of the age group 15– 45. However, this bliss turns to be a curse especially with a deteriorating economic situation coupled with higher rates of unemployment and school drop-outs.

 

Several economic experts assure that Yemen will faces big economic challenges in 2008, hinting that government should exert utmost efforts to upgrade the economy and bring more investments.

 

The rising price of bread is the strongest blow to Yemeni citizens already struggling with a parallel rise in daily meals' costs, prompted by looming price of wheat, rice and gas cylinders.

 

Agriculture takes up an important place in Yemen's economy and 70 percent of Yemenis work in this sector which secures jobs and income for the unemployed people.

 

World countries including the republic of Yemen are heading towards joining the international trade organization, to open doors for international economy, offering a variety of facilities to attract capitals, multinational corporations and international organizations. Which caused a heavy demand on international experts who are internationally certified in accounting, financial analysis, account auditing and revision and project management which enables them to join a membership or fellowship in specialized international professional institutes or associations.