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|Oil Revenues Increase Despite Global soaring Prices of Oil|
Hasan Al-Zaidi ( YEMEN POST STAFF )
Article Date: November 17, 2008
Oil revenues increased during the third quarter of this year to YR 3.8 billion, up from YR 2.8 billion in the same period last year. The increase was at 36 percent.
This comes despite the global soaring prices of oil.
However, Yemen's reserves of foreign currency jumped during the period from January to September this year to over $ 8 billion, compared to $ 7 billion in the same period last year.
On the other hand, after being assessed, damages caused to agriculture lands
in the eastern provinces of Hadramout and Mahrah due to heavy rains that afflicted them were valued at YR 17.8 billion to make the agriculture sector the most affected by the disaster.
According to initial estimates, rebuilding bridges and roads will cost YR 2 billion.
Despite electricity has been restored to the affected areas, this important service will be restored completely at a cost of YR 899.9 million, however, the damages caused to the health sector were valued at YR 60 million and YR 2 million are required to build the maternal and child hospital Mukala city.