Business

YEMEN ECONOMIC LOSSES PUT AT US$17 BILLION

National Yemen

Flame burned gas in the Yemen oil field

National Yemen

Hassan Shahin

Economists in Sana’a estimate that Yemen’s economic losses have amounted to US$17 billion since the eruption of the popular revolt against President Ali Saleh’s regime. These huge losses will hinder the efforts of the new government to carry out recovery and development plans.

They added that after the formation of the next government an international conference should gather in order to discuss how to support the Yemeni economy. The conference will have to deal with reconstruction and construction of facilities affected by armed clashes and with invigorating the private sector. Media reports have indicated that international financial institutions were ready to pump US$2 billion in the first stage in order to support the Yemeni economy but this is just after the full halt of the mass popular protests and the end of the economic turmoil,

The Yemeni Prime Minister, Mohamed Salem Basendwah, has recently announced that Saudi Arabia and the UAE agreed to provide support to the sector of electricity and petroleum products .This will ease the impact of the crisis on the lives of citizens.