http://www.english.hadhramaut.info Finance minister warns of increasing deficit up to 11% [The Source: www.sabanews.net - 12/2/2009] Minister of Finance Noman al-Sohibi warned on Wednesday of increasing a deficit of the 2009 state budget up to 11 percent due to ineffective implementation for decision of decreasing expenditure.
In the opening session of the annual meeting for the directors of the ministry, al-Sohibi affirmed importance of clarifying for employees that decision was taken to reduce unimportant expenditures, not to target their rights.
He called on representatives of the ministry in different government bodies to help directors of these bodies to re-organize their budget correctly.
The implementation of the decision during the previous period was unfair and ineffective as employees receive 500 rails as overtime and subjected for deduction of 50 percent in time there are employees who receive 700,000 rails as extra wages and no deduction, the minister said.
He also pointed out to the reality of the national economy - within negative impacts of the financial crisis- reflected negativity on the budget of the state, saying that requires from officials of the ministry to collect revenues and follow up shares of the government in any corporation.
The two-day meeting would discuss several papers over the economic developments in the world due to the financial crisis and its impacts on implementation of the country's budget as well as strategy of reforming financial administration.