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Wed 31 Oct 2007 11:53 AM

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Yemen budget deficit to double in 2008

Gov't approves 2008 draft budget with estimated deficit of $1.54bn, revenues projected at $7.65bn.

Yemen's government approved on Tuesday a 2008 draft budget with an estimated deficit of around 305 billion rials ($1.54 billion), almost double the estimated 188 billion rial deficit for this year, Yemeni officials said.

They said the cabinet projected revenues of 1.52 trillion rials ($7.65 billion) and spending of 1.83 trillion rials for next year. The official Saba news agency said the projected net deficit was worth 1.6% of gross domestic product (GDP).

Revenues for this year are estimated at around 1.43 trillion rials and spending at 1.62 trillion rials.

The draft budget is expected to be passed by parliament, which is dominated by President Ali Abdullah Saleh's General People's Congress.

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