Studies & Economic Media Center (SEMC) criticized the government for its decision to form a committee to study the economic and financial situation of Yemen (the Economic Committee) that included representatives of the government and political parties, and had zero representation of civil society and private sectors.
In a press release, SEMC stated that expectations were high with regard to the Economic Committee, and expressed astonishment on the government action after a memorandum of understanding (MOU) was signed in Washington two weeks ago to engage the private sector in economic growth, and was signed between the government and the private sector in addition to civil society components.
It also pointing out that the target at which this committee was created is now derogated, as it’s aiming to come up with a clear, comprehensive and detailed program with a precise time-line to achieve economic reform. It also should aim at drying up sources of corruption and deal with imbalances of the state’s general budget with a rationalization of spending, and offer solutions to the newly formed government in issues like reforms of oil and energy sectors, in the aim of achieving Yemeni people’s demands and aspirations.
SEMC also pointed out some members who were chosen for the committee are a part of the recent economic failure that Yemen is currently suffering form, expressing surprise on how these members would be part of the solution while they were part of the problem from the beginning.
Yemen is currently facing significant economic challenges with the drop of oil prices, which constitutes 70% of the state budget, down to 40%, and the poverty rate rose to 54% according to official statistics.
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