Launch of Program for reviewing, updating, & managing financial, trade, & investment policies
The Policies, Studies, and Planning Sector at the Ministry of Economy, Industry, and Investment launched on Tuesday a program for reviewing, updating, and managing financial, trade, and investment policies, aimed at enhancing the independence and efficiency of monetary policy in partnership with relevant authorities.
During the launch event, Fouad Al-Junaid, Undersecretary of the Ministry for Policies, Studies, and Planning, emphasized that the national economy requires correcting imbalances and redirecting economic paths. He noted that a large portion of foreign currency is spent on importing goods that could be produced locally.
He explained that the program is based on the Qur’anic value-based vision of the economy, which obliges all parties to increase the flow of money in the real economy, prevent hoarding, and criminalize usury, fraud, and accumulation practices that disrupt markets and harm society. The program also emphasizes adherence to quality standards and national evaluation criteria, ensuring that all goods and services meet the highest levels of efficiency and competitiveness. This makes quality a key condition for favoring local products and granting government incentives. Additionally, the program aims to activate economic empowerment initiatives, transforming society from a consumer base into an effective productive force.
The event was attended by Abdel Fattah Al-Duwaid, Undersecretary for Business Services; Fouad Huwaidi, Undersecretary for Foreign Trade and Export Development; Al-Hassan Al-Dhari, Undersecretary for Social Affairs; Mohsen Atef, Undersecretary for Agriculture, Fisheries, and Water Resources; and Akram Al-Washli, Advisor to the Minister of Finance. Mohamed Salah, Vice President of the General Union of Chambers of Commerce and Industry, highlighted the private sector’s eagerness to collaborate with government entities in implementing programs aimed at updating policies, creating job opportunities, and stimulating economic growth.
Representatives from relevant ministries and institutions also participated in the event. Mohamed Al-Laith, Director of Planning at the Ministry, presented a working paper on the operational mechanism of the project for reviewing, updating, and managing economic policies. Nabil Al-Tairy, representative of the Planning Sector at the Cabinet, presented a working paper on strengthening the role of monetary and banking policies in Yemen’s economic growth.
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