The Economy

1

Objective

A diversified economy with high performance that accelerates recovery, based on effective investment of natural and human resources, supports self-sufficiency and stimulates development by focusing on the competitive advantages of Yemen and striving for economic excellence at the regional level.

Overall Performance and Strengthened Confidence in Economy

Strategic Goals

  • Achieving sustainable economic stability that helps raise confidence in the national economy, leads to recovery and spur development and resilience.
  • Developing an effective mechanism for managing economic policies that support the achievement of high economic growth and the transition to a diversified economy.
  • Creating a real partnership with the private sector through Establishing a higher council for investment and development representing the government, the private sector and the public sector.
  • Attracting and stimulating investments according to specific priorities that support performance enhancement and high growth.
  •  Increasing the competitiveness of national goods and services with comparative advantage and ensuring the reduction of imports.
  •  Increasing the participation of women in the workforce and their contribution to the economy.
  • Raising the absorptive capacity of grants and external loans and raising the contribution of allocation and use in line with national priorities.
  • Achieving the sustainability of public finances by expanding and improving the efficiency of collection, allocation and use of public resources.
  • Encouraging banks to contribute to economic recovery and support development by focusing on SMEs.
  • Overcoming the liquidity crisis of the local currency through various measures.
  • Reorganizing the exchange sector to ensure that it plays a positive role in the financial and banking market and in the economy as a whole.
  • Developing sustainable solutions to reduce the deterioration of the exchange rate of the national currency.
  • Developing reliable and successful alternatives to the current monetary policy-making approach, in order to combat inflation, maintain the price of the national currency and achieve economic growth.
  • Reducing the unemployment rate to a minimum.
  • Rural development and expansion of village projects and productive neighborhoods to limit internal migration to cities.
  • Developing a package of programs geared towards the social economy.

Productive Sectors:

Strategic Goals:

  • Achieving sustainable economic stability that helps raise confidence in the national economy, leads to recovery and spur development and resilience.
  •  Enhancing the role of the industrial sector to lead the national economy by focusing on competitive industries at the regional level.
  • Expanding oil, gas and mineral exploration and develop existing sectors.
  • Securing the local market needs of oil and gas derivatives.
  •  Raising the productivity of the agricultural sector towards increasing self-sufficiency.
  •  Enhancing the efficiency of the management and developing the national fisheries and marine resources and their optimal and sustainable utilization.
  •  Increasing the contribution of the fish and marine sector to GDP and exports to boost the economy in foreign exchange.
  •  Encouraging the expansion of investment in quarries.
  •  Increasing quantities of exports of agricultural products with comparative advantage in the world markets so as not to affect ground water.
  • Reducing the expansion of qat cultivation, rationalize the use of water and raise awareness of the dangers of pesticide use on soil and human health.
  •  Encouraging agricultural research and expand the use of modern technologies in the field of water and irrigation and the management and reclamation of agricultural land and livestock.
  • Protecting and investing natural resources from water, forests, vegetation, agricultural land and livestock (and natural preserves).
Service Sectors And Urban Development

Strategic Goals

  • Developing the energy sector and encouraging the expansion of renewable energy sources.
  •  Increasing the size of electricity production based on diverse sources to cover the increasing needs of the economy and society.
  •  Promoting the tourism sector in order to enhance its role in supporting the national economy and contribute to the advancement of development.
  •  Managing and organizing Government lands with a view towards attracting investment.
  • Providing modern infrastructure and services in the telecommunication and IT sector and strengthen opportunities to benefit from the information sectors.
  • Developing a system of modern legislations in the telecommunication and IT sector that meets the needs of internal development and keeps pace with global developments and requirements.
  • Rehabilitating other infrastructure, including the transport sector and the reconstruction of destroyed infrastructure by the war in such a way as to achieve social stability and a decent life for the citizen.
  • Reconstructing and rehabilitating war-damaged government infrastructure.
  • Developing and improve the main and secondary road network between provinces and districts.
  • Developing urban development legislation.
  • Diversifying and developing the financing mechanisms of urban development.
  • Preparing urban plans at the national and local levels and develop the activation of the Urban Planning Law.
  • Issuing and apply the Land/Real Estate Object Registration Law to ensure the stability of real estate transactions and maintain public and private real estate properties records