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Middle East and Central Asia > Yemen, Republic of

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Cover IMF Working Papers
What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?
Mr. Selim A Elekdag
,
Mr. Saade Chami
, and
Mr. Ivan Tchakarov
This paper uses a variant of the IMF's Global Economy Model (GEM) to estimate the macroeconomic effects of Yemen's full accession into the Gulf Cooperation Council (GCC). After calibrating the model to Yemen and the GCC countries, several simulations were carried out to estimate the potential impact of economic integration on both. The paper draws two fundamental conclusions. First, further steps in regional integration would enhance competition and produce large economic benefits for both Yemen and the GCC countries. In particular, we show that in some cases economic integration could increase GDP in Yemen by as much as 18 percent and in the GCC by as much as 20 percent over the long run. Second, even if market structures do not improve substantially, GCC enlargement can still generate substantial spillover gains with consumption increasing by up to 7 percent in Yemen and 8 percent in the GCC, respectively.
Keywords:
WP; GCC country; GCC; labor market; regional integration; competition; IMF’s Global Economy Model (GEM); goods market; Yemeni product markets; GCC enlargement; GCC member; GCC Labor; GCC block; market power; Labor markets; Consumption; Real exchange rates; Commodity markets; Global
Cover IMF Staff Country Reports
Djibouti: Selected Issues
International Monetary Fund
The most important challenge faced by the Djibouti authorities is to achieve high rates of economic growth in order to create employment opportunities for a rapidly increasing labor force and to alleviate rising poverty. In this paper, developments and the role of the financial system during the program period are reviewed. Then, the currency board arrangement (CBA) and its role in macroeconomic developments are discussed. The study also discusses the main financial sector reforms and explains why their impact has been limited.
Keywords:
ISCR; CR; government; Djibouti; banking system; wage; Djibouti banking regulation; economic growth; wage bill; private sector; central bank; banking law; debt ratio; Commercial banks; Fiscal consolidation; Sub-Saharan Africa; Africa; Southern Africa; East Africa; Europe
Cover IMF Working Papers
How Does Conditional Aid (Not) Work?
Mr. Rodney Ramcharan
Does policy conditionality worsen domestic welfare, as governments are forced to attempt unpopular reforms resulting in damaging protests, or does conditionality help implement reforms that otherwise would have been impossible? This paper analyzes these questions. Using a game-theoretic framework, it argues that the impact of conditional aid on welfare is nonmonotonic. Sufficiently conditioned aid can enhance the signaling power of reform announcements, thereby deterring protest and enabling reform. In contrast, inadequately conditioned aid may induce a "weak" government to mistakenly attempt reform, resulting in protest and a worsening of domestic welfare relative to the status quo.
Keywords:
WP; economic reform; status quo; conditionality; policy reform; IFI involvement; reform announcement; weak government; participation constraint; Multilateral development institutions
Cover Policy Papers
The Modalities of Conditionality - Further Considerations
International Monetary Fund
NULL
Keywords:
PP; Fund resource; Fund arrangement; Fund's financing; Fund-supported program; Inter-American Development Bank; tranche disbursement; policy slippage; Structural reforms; Privatization; Multilateral development institutions; Sub-Saharan Africa
Cover Civil Service Reform Strengthening World Bank and IMF Collaboration
Civil Service Reform Strengthening World Bank and IMF Collaboration
International Monetary Fund

Abstract

Civil service reform is often essential to bring about governanceimprovements that are needed for sustainable poverty reduction.A workshop hosted by the World Bank and the IMF in September 2001provided a forum to review the effectiveness of Bank-Fund advice and programs on civil service reform, and to propose ways to improve jointefforts in coming years. Programs in 11 countries were examined, (Benin,Bolivia, Cambodia, Macedonia, Mali, Mongolia, Pakistan, Russia, Tanzania,Yemen, Zambia), and macrofiscal and structural outcomes of Bank-Fund workin those countries considered. This book is a joint publication betweenthe IMF and the World Bank.

Keywords:
BOOK; wage bill; reform; bank; fund; bill; fund staff; employment data; government reform; investment loan; Civil service reform; Civil service; Public sector wages; Wages; Public employment; Eastern Europe; Africa; Global
Cover Yemen in the 1990s
Yemen in the 1990s
From Unification to Economic Reform
Ms. Nada Choueiri
,
Mr. Klaus-Stefan Enders
,
Mr. Yuri V Sobolev
,
Mr. Jan Walliser
, and
Mr. Sherwyn Williams

Abstract

The 1990s saw the unification of the two Yemens into one nation and a burgeoning of the country's oil sector. This paper examines the structural changes in the Yemeni economy brought about by these and other developments and identifies the reforms needed to move the country toward rapid and sustainable growth, effectively manage its oil wealth, and reduce the widespread poverty. The paper addresses the issue of poverty reduction by providing background and drawing lessons from Yemen's adjustment experience to date.

Keywords:
OP; government; Yemen; policy; pins government policy; economic reform program; adjustment experience; oil sector development; employee pension plan; benefit rule; Oil; Oil prices; Commercial banks; Middle East; East Africa; North Africa; Europe; Asia and Pacific
Cover IMF Working Papers
External Debt and Growth
Mr. Luca A Ricci
and
Ms. Catherine A Pattillo
This paper assesses the non linear impact of external debt on growth using a large panel data set of 93 developing countries over 1969–98. Results are generally robust across different econometric methodologies, regression specifications, and different debt indicators. For a country with average indebtedness, doubling the debt ratio would reduce annual per capita growth by between half and a full percentage point. The differential in per capita growth between countries with external indebtedness (in net present value) below 100 percent of exports and above 300 percent of exports seems to be in excess of 2 percent per annum. For countries that are to benefit from debt reduction under the current HIPC initiative, per capita growth might increase by 1 percentage point, unless constrained by other macroeconomic and structural economic distortions. Our findings also suggest that the average impact of debt becomes negative at about 160–170 percent of exports or 35–40 percent of GDP. The marginal impact of debt starts being negative at about half of these values. High debt appears to reduce growth mainly by lowering the efficiency of investment rather than its volume.
Keywords:
WP; debt; net present value; GDP; spline; Growth; external debt; debt relief; HIPC initiative; debt indicator; debt variable; Laffer curve; debt stock; debt to export; debt dummy; debt-growth relationship; Exports; Debt burden; Fiscal stance; Debt service; Estimation techniques; Global; Middle East; Sub-Saharan Africa; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Yemen: Selected Issues
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; exchange rate; central bank; real GDP; gross domestic product; debt service; interest rate; U.S. dollar; Oil; Oil prices; gas and mining taxes; Middle East
Cover IMF Survey
IMF Survey, Volume 30, Issue 06
International Monetary Fund. External Relations Dept.
On March 1, IMF Managing Director Horst Köhler announced the establishment of the International Capital Markets Department in the IMF. Below are edited excerpts from a March 2 press briefing by Kõhler and First Deputy Managing Director Stanley Fischer on that decision and on the IMF's response to financial crises, including Turkey (www.imf.org/imfsurvey).
Keywords:
SV; donor grant; IMF Treasurer's Department; reconstruction budget; growth facility; IMF's website; IMF staff country; Capital markets; Inflation; Current account deficits; International capital markets; Global; Europe; Asia and Pacific; Africa
Cover Selected Decisions and Selected Documents of the International Monetary Fund
Selected Decisions and Selected Documents of the International Monetary Fund
International Monetary Fund

Abstract

The Thirty-Sixth Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relevant to the current activities of the Fund.

Keywords:
SELD; sc; fund; decisions of the executive board; capital transfer; allocations of special drawing rights; decision No. 1238; Japanese yen; Currencies; Personal income; Credit; Multiple currency practices; Loans; Global; Africa; amount of SDR; Reserve assets; Income