Yemen Minister of Trade and Industry asserted that the technical barriers are of the effects that hinder his country's attitudes towards economic integration and to enhance procession of Arab Customs Union, delaying its joining World Trade Organization as a result of conflicts among the members countries in means, ways and procedures of verification of identification applied among each other and among them and the world.
Yemen Minister of Trade Sa'd Bin Talib required establishment of national guaranteeing system that operates according to international standards and provisions through which an independent evaluation will be performed on the competence of identification authorities
In a special symposium about credit and infrastructure of quality established yesterday in Sana'a he called all evaluation sides of public and private identification evaluation in the country including medical laboratories, inspection authorities or awarding certificates to carry out rehabilitating their labs and services up to reaching credit and achieving international acknowledgement.
Yemen Standardization and Meteorology Manager indicated the importance of guarantee system benefits for a developing country such as Yemen which will enable it to utilize the agreements that offer the possibility to reach the markets of the advanced countries.
He expressed his fears of inability of Yemen to provide the necessary costs for the required infrastructure for building a national credit system as it includes a high degree of specialized knowledge which results in big costs.
On the other hand, an academic monetary expert criticized the issue of Islamic bonds in Yemen which have been presented by Government recently as a substitute for internal indebtedness trying to reduce the big negative effects for the treasury bills.
The Yemeni researcher who specialized in Islamic financing Dr. Mohammed Farhan noticed that the Yemeni Government, since the first issuance which includes the industrialization bonds failed in achieving the required objectives from Islamic bonds according to what they have been planned for the matter that participated in defecting the trust of investors in this respect in accordance with following up the progress of issuance process in the manner it has been operated by now.
He mentioned the connection of this issue with the issue of internal general debts (which has reached according to the balance sheet of the Government for the year 2012 to more that (131%) of the Government revenues in a cost of (11%) of total utilizations).
The Yemeni monetary expert considers tendency towards issuing bonds in a method of "Salam" in the shadow of increase of the rates of public debt and retreat of development levels is considered as deepening economic problems the country suffers from instead of making the Governmental policy treats these problems in this field, it becomes an essential cause in deepening them.
Yemen Minister of Finance and the Governor of Central Bank calls for expediting the reconsideration in the standing policies of application in a manner that starts from understanding the necessities of needs and requirements of application and its specialty in a manner that guarantees achievement of aims as a means for manipulating economic problems specifically that related to public debt inflation, marking up of deficit levels and the retreat of governmental development levels. This matter will be required in the critical moment that the economy of the country passes through that if these policies are not reconsidered, they will lead to big negative tottering to the economic indicators in the future, concerning in particular the indicators of inflation and reserves.
It is worth mentioning that the Yemeni Government tends recently towards creating issuance of Islamic bonds in the course of endeavors for finding new financing sources help in reducing the burdens of public debts benefits resulting in issuing treasury bills. It has caused excessive cash offer and increase of inflation rates.