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Economy
Monday, 14-August-2006
Almotamar.net - An official source at the finance ministry criticized the delusion policy the parties of the JMP are following with regard to revenues of oil prices differences for the fiscal year 2006, considering that the election fever has motivated these parties to make biddings lacking objectivity and correct figures.

Dr Abdullah Ghalib al-Mikhlafi, undersecretary of financial affairs at the ministry told almotamar.net all know that the price of one oil barrel mentioned at the state budget is $40 and due to international changes that also included Iraq and the rise in world demand for oil by China and the United States raised the oil barrel price to $70 and consequently the rise in the government revenues from oil during the first six months of this year to YR 435 billion that was not expected. The government has then estimated oil revenues at preparation of the budget \t YR 274 billion only. He added the differences if these prices from $40 to $70 dollar per barrel are registered in the government account at the Central Bank of Yemen. Consequently these sums are used in buying and increasing accumulation of monetary and economic reserve of hard currencies, pointing out that the big rise in the proportion of the reserve (6.8 billion is enough to cover needs of Yemen of goods and essential materials for 17 months.

Mr. al-Mikhlafi called on the parties of the JMP to be sure of the amount of those differences by referring to the Central Bank to be certain about revenues of oil fully, including the difference in prices and to avoid bidding an the attempt to deceive the ordinary people that the additional revenues were not included in the budget. He indicated that the government implemented numerous successful reforms in the budget; among them are the merging of special funds of similar activities and entering the technical committees into the general budget of the state. The finance undersecretary also said the parties of the JMP are used to using fallacies to deceive the people in the language of figures, considering that an evidence of their political bankruptcy that pushed them to fabricate big and unbelievable figures and to claim they have not been included in the budget. He said this is not the first time the JMP resorts to delusion. A few days ago it alleged, in person of an economic expert who it did not identify, the disappearance of more than YR 900 billion that did not enter the budget of the state for the year 2006, as differences resulting from oil prices, estimated at more than TR500 billion, and more than YR400 billion included in the budget as imaginary money.
The opposition alleged economic expert had expected that the said revenues would be expended for political benefits through the present electoral process .
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