Yemen economy hit by fallout from September terror attacks
The economy of Yemen, already one of the poorest countries in the world, has been badly hit by the fallout of the September 11 attacks in the United States, especially its oil and tourism sectors, Yemen's planning and development minister said Sunday October 14.
"The most notable negative impact of these terrorist acts was on the oil sector," Ahmed Mohammad Sufan told AFP. He said the drop in the price of crude oil from $28 to 20 a barrel "will affect our oil revenue, which represents 90 percent of the country's total revenue."
Yemen produces 480,000 barrels per day and oil revenue last year jumped 40 percent to $1.4 billion. Sufan also said the attacks had had "negative effects on tourism," estimating the losses so far at around $90 million. He also said that money transfers by the 100,000 Yemeni citizens living in the United States and Britain had dried up, also affecting the country's economy. — (AFP, Sanaa)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)