A committee has been formed to implement urgent measures to activate financial resources in Lahij.

On Thursday, a significant meeting took place at the Central Bank of Yemen branch in Lahij, led by the Secretary-General of the local council, Awad Al-Sulahi. The gathering focused on pressing financial and economic issues affecting the nation, particularly the financial situation in Lahij and strategies to enhance its economic resources.

Formation of a Committee to Address Financial Resources

During the meeting, attendees agreed to establish a committee aimed at implementing urgent measures to activate and revitalize the province’s financial resources. This initiative will support the crucial role of the Central Bank’s monetary policy in the region. Additionally, the meeting granted local money exchange businesses a one-month grace period to rectify their legal standings and obtain the necessary operating licenses from the Central Bank. Failure to comply will result in closure.

Collaboration Among Key Stakeholders

The meeting included key figures such as the province’s deputy governor, Brigadier General Abdul Fattah Al-Hujaili, and directors from the Central Bank, police, and various security agencies. Al-Sulahi emphasized the need for collaborative efforts among all stakeholders to significantly increase the province’s actual financial resources and address any deficits. He highlighted the importance of tackling major economic challenges that threaten citizens’ daily livelihoods and monthly salaries.

Revenue Collection Insights

Mamdouh Al-Shabi, director of the Central Bank branch in Lahij, provided insights into revenue collection. He noted that independent central institutions in the province contribute 75% of their total non-cash revenues to the bank, relying heavily on notifications and checks. However, local institutions have not yet achieved their desired revenue targets. Al-Shabi stressed that these independent entities must ensure financial deposits are made to the Central Bank.

Support from Security Forces

The provincial police chief assured participants that security forces would support the revenue offices in the province and its districts. This collaboration aims to enhance the effectiveness of financial operations and ensure compliance with new regulations.

This meeting underscores the urgent need for coordinated efforts to strengthen Lahij’s financial landscape and address the economic challenges facing the region.

 

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