Yemen Monitor – Newsroom:
Yemeni Prime Minister Salem Saleh bin Buraik has issued a decree to form a Supreme National Committee for the Regulation and Financing of Imports. This committee’s goal is to control import operations, enhance oversight of funding sources, and stabilize the local market. It also aims to mitigate the economic repercussions of classifying the Houthi group as a global terrorist organization.
The committee will be chaired by the Governor of the Central Bank of Yemen and will include ministers, officials from economic, financial, and banking sectors, and representatives from the private sector and banks.
The committee’s mandate is to regulate imports to ensure the continuous flow of essential goods and meet the needs of the local market. It will also monitor import financing sources in coordination with the Central Bank to prevent the use of the black market for foreign currency.
Other key responsibilities of the committee include:
- Developing import financing policies and prioritizing essential goods.
- Monitoring suppliers’ compliance with standards and their sources of funds.
- Creating blacklists of non-compliant traders and companies.
- Making recommendations to boost local production and reduce reliance on imports.
The decree grants the committee full legal, administrative, and technical authority to carry out its duties, including seeking assistance from regulatory, judicial, and security bodies and leveraging the expertise of economic and monetary specialists.
All government and financial entities, including banks and exchange companies, are required to cooperate fully with the committee and provide necessary data and information. The committee is to submit a bi-monthly report to the Prime Minister on its progress and challenges. It must also finalize its internal regulations within 15 days for approval by the Council of Ministers.
The formation of this committee is part of the government’s efforts to enhance economic and monetary stability and regulate the local market amid increasing challenges facing the national economy.
