Yemen’s ambassador to Washington, Ahmed Awad bin Mubarak recently said the government in Yemen faces challenges due to a 10 percent decline in the country’s gross domestic product over the past year, as well as the deterioration of state revenues by more than 65 percent.
Mubarak made these statements while reviewing the latest economic and humanitarian developments in the country during a meeting organized by the Yemeni embassy in the US.
Mubarak pointed out that the steps taken by the government to address these challenges and economic imbalances will come through reform packages, which include allowing the import of petroleum products, liberating the exchange rate, and signing a number of economic agreements with the World Bank, Saudi Arabia, and several other countries.
He went on to explain that the government’s efforts to address imbalances in the financial sector and stimulate the private sector through measures that will raise government resources and support the country’s basic imports.
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