The parliamentary committee reviews the performance of the Central Bank, Finance, and Taxation in Marib Governorate.

Parliamentary Committee Reviews Financial Institutions in Marib

A parliamentary committee, led by Deputy Abdullah Al-Maqtari, visited Marib today to assess the performance of the Central Bank of Yemen, the Finance Office, and the Tax Authority branch in the province.

Meeting with Central Bank Officials

During their visit to the Central Bank branch, the committee held an extensive meeting with the branch’s General Manager, Jamal Al-Kamel, along with department heads. They addressed numerous questions regarding the bank’s functions, monetary policy, and financial policy. The discussion also covered the bank’s relationship with the main office in the temporary capital, Aden, and its integration with the Ministry of Finance and its local office.

Government Account Procedures

The committee reviewed the procedures for opening government accounts for all public and mixed institutions. They examined the bank’s oversight to ensure that no government entity maintains accounts outside the Central Bank or money exchange companies. Additionally, they discussed the bank’s process for receiving revenues from various income-generating entities and oil companies, as well as the connection between the bank’s network and the main network in Aden. The committee also looked into the bank’s disbursement practices in line with financial reinforcements and budget execution directives.

Monetary Policy Implementation

The committee engaged in a thorough discussion with the bank’s management and specialists about the implementation of monetary policy. They evaluated the level of oversight on banking activities, adherence to Central Bank directives, and the management of violations. The committee emphasized the importance of maintaining a smooth flow of instructions and reporting violations according to relevant laws and regulations. They also addressed mechanisms for combating financial crimes, including illegal speculation, money laundering, and the smuggling of funds, which are crucial for preserving the national economy and stabilizing the currency.

Commendation for Compliance and Oversight

The committee praised the bank’s commitment to legal regulations and its connection to the Central Bank’s electronic network. They highlighted the bank’s strict monitoring to prevent government entities from opening accounts outside the Central Bank framework. The committee also acknowledged the bank’s direct oversight of money exchange companies and its efforts to assess the cash flow within banks and exchange companies in the market.

Financial Office Meeting

In a separate meeting with Nasser Al-Abidi, the General Director of the Finance Office, and his deputies, the committee reviewed the financial and accounting tasks, budget execution mechanisms, and the preparation of final accounts and annual budgets. They discussed the inventory of state assets and properties.

Budget Execution Discussions

The committee addressed inquiries related to the execution of local and central budgets for the years 2022-2024. They examined estimates of public resources and expenditures across various categories, including projects funded by local resources, the province’s share of oil and gas sales, and centrally funded projects. The committee confirmed that all public expenditures and revenues in the province occur through official accounts at the Central Bank branch, adhering to legal regulations without exceptions.

Tax Authority Review

The parliamentary committee also met with the Tax Authority branch, led by Deputy Director Abdul-Samad Al-Barkani. They assessed the tax collection mechanisms and ensured that revenues reach the Central Bank. The committee discussed challenges in tax collection and the office’s efforts to enhance performance through governance and transparency, as well as its needs for improving tax revenue collection in accordance with regulations.

Conclusion and Future Oversight

The committee members commended the performance of revenue institutions in Marib, recognizing their adherence to regulations and their efforts to overcome challenges posed by war and displacement. They assured that all information and insights gathered during the visit would be included in a report to be submitted to the Council’s leadership.

The parliamentary committee will continue its oversight of financial and revenue institutions within the local authority, examining their activities to identify financial and administrative discrepancies, as well as challenges hindering their performance.

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