It approved a $370 million loan in August 2010
canada goose coats Yemen needs transition deal to fix economy
buy canada goose jacket DUBAI/SANAA (Reuters) Yemen economy appears on the brink of collapse after three months of street protests and political stalemate that have swollen budgetary deficits and are driving off urgently needed foreign aid.
canada goose deals Western canada goose factory sale and Gulf donors are wary of stepping in before a conclusion of a deal for the peaceful departure of President Ali Abdullah Saleh something the longtime ruler has resisted.
buy canada goose jacket cheap rial will collapse, inflation will rise to a level Yemen had never witnessed, the most needed food will not be available for majority of people who are poor, he said.
Yemen has allies with a strong interest in saving the country.
canada goose Allies in Washington and Riyadh canada goose uk outlet fear a protracted standoff could prompt clashes between rival military units in the capital, and worry the ensuing chaos could benefit an active al Qaeda branch in the canada goose store country uk canada goose outlet that also targets Saudi Arabia.
Worried by protests cheap Canada Goose that have drawn tens of thousands to the streets in cities across Yemen, the cash strapped cabinet has vowed to raise wages, create jobs and distribute handouts worth an estimated 3.5 percent of economic output, or $1.1 billion.
Canada Goose Jackets But as hard currency reserves dry out, the government has little room to maneuver. Yemen will need at least $2 billion in the next six to 12 months from donors to keep basic public services running, Maytami estimates.
Yemen relies on oil for 60 percent of its income. Canada Goose Parka Yet robust oil prices above $95 per barrel offer little respite as oil exports dropped and a serious shortage forced Canada Goose online the government to import crude and fuel, draining its funds.
canadian goose jacket As a result, the budget shortfall may shoot up to between $4 billion and $5.3 billion this year, a level unseen since a 1994 civil war with southern separatists, from an original plan of $1.5 billion, economists predict.
canada goose store The finance ministry declined to comment on the budget situation in Yemen, whose nominal Canada Goose sale GDP of $31 billion amounts to only over canada goose black friday sale half of annual spending of oil giant Abu Dhabi.
Canada Goose Outlet Yemen foreign minister urged foreign donors in March to inject www.canadagoosesale.info up to $6 buy canada goose jacket cheap billion into state coffers over the next five Canada Goose Jackets years to boost economic development.
DONOR AID But potential donors including wealthy Gulf neighbors, which have pledged $20 billion for Bahrain and Oman, both hit by sustained protests in the wake of revolts elsewhere in the Arab world, are not seen rushing in with aid before Saleh leaves.
canada goose coats on sale are not going to reward the regime with economic assistance. It hinges on a peaceful and successful transfer of power, Yemeni political analyst Abdul Ghani al Iryani said.
Canada Goose sale In a last minute reversal, Saleh refused to sign a Gulf brokered deal in April that would ease canada goose uk black friday him out of power within a month after nearly 33 years. His move upset Saudi Arabia, which had long backed Saleh to fight al Qaeda militants.
The cheap canada goose uk IMF, which made $35 billion available for protest hit countries, has said it was ready to discuss aid for Yemen, where over a third of the population is unemployed, when buy https://www.canadagoosesale.info canada goose jacket the situation allows. It approved a $370 million loan in August 2010.
Canada Goose Parka Before anti Saleh protests gained steam in February, the government planned to take a stab at raising funds through $500 million in Islamic bonds this year to combat slow in coming donor aid.
Only a fraction of $4.7 billion promised at a donor conference canada goose uk shop in 2006 has been disbursed so far in Yemen, one of the world poorest countries with per capita income of $2,600, roughly 10 times less than that of Oman Canada Goose Outlet next door.
Yemen economy was struggling even before thousands of students, activists and tribesmen took to the streets, battered by fights against northern rebels, southern secessionists and al Qaeda in a country awash with weapons.
ECONOMIC COLLAPSE? But months of protests, in which more than 170 people have been killed, have brought the economy to the brink of collapse after Canada Goose Coats On Sale growing 8 percent last year.
biggest canada goose clearance sale problem is that basic needs are difficult to find. Canada Goose Online The situation is getting more and more difficult by the day, said economics professor canada goose coats Taha al Fusail, who estimates that the economy has canada goose clearance lost $5 billion or more.
canada goose clearance Trucks and buses canada goose at petrol stations queue for hours, while water supply shortages and power blackouts are a daily norm.
canada goose black friday sale Fuel supplies diminished when a refinery closed after tribesmen attacked a pipeline, causing losses of around $300 400 million a month. Yemen normally exports 105,000 barrels per day out of 280,000 produced.
increase of prices of food supplies increased the already existing suffering because the monthly salary is not enough, said Hisham al Zabeidi, a government employee in Sanaa.
shortages of gasoline and gas cylinders added more pain, canada goose coats on sale said Zabeidi, living on a salary of around $333 a month.
Prices canadian goose jacket of gas cylinders, which many use for cooking, have shot up five to seven times to $21 to $29 on the black market. Some food staples are hard to find with prices up by 10 to uk canada goose 20 percent, according to the latest street prices.
Some economists estimate inflation is currently running at up to 30 percent, double January 13 percent.
Canada Goose online With dollars hard to buy, some shopkeepers now request payment in greenbacks to be able to import and as the rial lost around 14 percent in value to 243 a dollar during the protests.
canada goose clearance sale Economists say the rial, near historic lows of 250 a dollar seen last August, would probably weaken more if the central bank were not restricting the dollar supply as demand stays high. The rial currently stands at around 230 to the dollar.