Yemen Monitor/Newsroom:
The Committee for Sovereign and Local Revenues held its seventh periodic meeting today, Monday, chaired by Presidential Leadership Council member Major General Aidarous Al-Zubaidi. The meeting was held to discuss economic developments and financial measures related to market stability.
The committee reviewed a joint report from the Central Bank and the Ministry of Industry and Trade regarding exchange rate stability and efforts to control the market, lower the prices of essential goods, and boost food reserves, in addition to ongoing oversight measures by the relevant authorities.
The committee also heard a report from the National Committee for Regulating and Financing Imports concerning requests for foreign exchange and coverage of imports. Last week, these requests totaled 91 requests worth $39.6 million, with 15 banks and three exchange companies participating. In this regard, the committee praised the significant engagement of banks and exchange companies and called on other financial institutions to contribute to financing the import list.
The meeting also discussed a report from the Ministry of Oil and Minerals on efforts to secure the necessary funding to operate the Aden Refinery Company and enhance its production capacity to provide petroleum products for the local market. The committee stressed the importance of accelerating coordination with the Central Bank to overcome technical and administrative difficulties in this area.
The committee also looked into the issue of transporting crude oil to supply power plants in Aden and confirmed it is following up on previous directives in this regard. Additionally, they discussed reports from the Ministry of Communications on developing the sector’s infrastructure and from the Ministry of Finance on public revenues and mechanisms to improve collection and ensure their deposit into official channels.
The committee stressed the need to enhance oversight of the movement of government funds and accounts in banks and to strictly activate tax collection mechanisms to curb any leakage or tax evasion.
The committee concluded its meeting by adopting a number of organizational and technical decisions to continue boosting revenues and controlling the financial cycle to serve economic stability.
