Amman, May 2, 2019
At its meeting in Amman, the Economic Reform Team (Yemeni private sector) endorsed a package of proposed economic policies addressing key issues facing the private sector at the current stage.
The team underscored the urgency of addressing the issues affecting economic activity in Yemen, including the new decisions and procedures regarding value-added tax, imposing new product taxes, new procedures concerning lists imported goods lists, and challenges of transportation from Yemeni ports and in-country transport. Restrictions imposed on imports of equipment necessary for local industry were also discussed.
The team highlighted the need to find urgent solutions to issues faced by the banking sector as a result of CBY division and consequent challenges in opening documentary credits and imposing restrictions on the banking sector. Neutralizing economic activity from the conflict was particularly emphasized.
The need to remove obstacles to domestic products, especially the new tariffs imposed on fish exports was also stressed. The team called for improving the export sector, especially as the country is in dire need of hard currency which can help stabilize the exchange rates.
Team visions and objectives were also reviewed, and team performance so far was assessed. Proposals to improve team mechanisms to make more influential in addressing private sector issues, contributing to the formulation of economic policies and strengthening partnership of the main players in development process; namely the government, private sector and civil society.
The team underscored its role in formulating economic policy visions, focusing on pressing issues to improve the economic environment and alleviate the suffering of citizens in the context of the humanitarian crisis in Yemen.
Over the past few years, the team has introduced several economic proposals and visions of economic reform that contribute to development in Yemen.
The Economic Reform Team (private sector) is a voluntary initiative comprising private sector leaders, civil society representatives, economists. It seeks to empower the private sector effective contributions to decision-making and engagement in formulating strategies to promote economic reforms and stimulate economic growth in Yemen.