Yemen’s privatization scheme shifts course
Yemen’s parliament recently amended the government’s privatization program. The new program allows the local public greater purchasing power of privatized enterprises, while it limits the power of large privately-owned firms to exclusively obtain these holdings, reported Al-Hayat daily.
The Parliamentary Commerce and Industry Committee further recommended that the Yemeni government not sell the Aden Refineries Company, the Public Cement Company or the Public Transport Company, contrary to the World Bank’s recommendations.
The committee advised that $10.9 million be allocated from the International Development Corporation to various development projects, rather than to the national privatization scheme.
The World Bank estimated the net revenues of the Yemeni privatization scheme at $500 million. However, 20,000-30,000 Yemeni citizens are expected to lose their jobs due to the program. –(MENA Report)
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