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Middle East and Central Asia > Yemen, Republic of

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Cover Policy Papers
Staff Guidance Note on The Implementation of The IMF Strategy for Fragile and Conflict-Affected States (FCS)
International Monetary Fund. Institute for Capacity Development
This note provides operational advice and information to help staff implement the IMF Strategy for Fragile and Conflict-Affected States (FCS) approved by the Executive Board on March 9, 2022. Topics covered include (i) the new IMF FCS classification methodology, which is aligned with that of the World Bank; (ii) the preparation of Country Engagement Strategies (CES) that will be rolled out across FCS to ensure that Fund engagement is appropriately tailored to country-specific manifestations of fragility and/or conflict; (iii) advice on tailoring the thematic focus of Article IV consultations and Fund analytics to FCS, as well as on the prioritization, design, and implementation of capacity development (CD) projects in fragile contexts; (iv) guidance on making full use of the flexibilities of the lending toolkit; (v) guidance on engaging in specific FCS situations, including building accountable institutions to exit fragility, cases of rising fragility risks, active conflict, post-conflict, and addressing the impact of external shocks and spillovers; and (v) strengthening partnerships with humanitarian, development, and peace actors, in accordance with the Fund’s mandate. Dedicated annexes provide additional information on the CES process, addressing good governance in FCS, program design, and country examples of Fund engagement in FCS.
Keywords:
fragility; conflict; fragile and conflict-affected states; political economy; inclusive growth; macroeconomic policy; absorptive capacity; balance of payments; country engagement strategies; capacity development; surveillance; partnerships; governance; FCS staff development; FCS strategy; FCS list; FCS classification; FCS circumstances; Balance of payments need; Capacity utilization; Climate change; West Africa; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Republic of Yemen: Request for a Three-Year Arrangement Under the Extended Credit Facility-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Yemen.
International Monetary Fund
Yemen is confronted with a range of difficult economic challenges. The reduction in oil revenues in the past year has affected the Yemeni economy through a set of direct and indirect channels. The loss of oil revenue contributed to a record fiscal deficit of about 10 percent of GDP in 2009, financed in large part by the central bank. The balance of payments was also put under considerable strain. The identified measures are home-grown and designed to have a long-lasting impact on the structure of the budget.
Keywords:
ISCR; CR; equivalent to SDR; disbursement equivalent; public finance; priority reform; tax policy reform; exchange rate pressure; U.S. dollar; balance of payments; current account; broad money; Currencies; Fuel prices; Middle East; Global
Cover IMF Working Papers
Inflation Dynamics in Yemen: An Empirical Analysis
Abdullah Almounsor
Yemen has had a high and volatile rate of inflation in recent years. This paper studies the underlying determinants of inflation dynamics in Yemen using three different approaches: (i) a single equation model, (ii) a Structural Vector Autoregression Model, and (iii) a Vector Error Correction Model. The outcomes suggest that inflation dynamics in Yemen are driven by international price shocks, exchange rate depreciation, domestic demand shocks, and monetary innovations. The impact of international prices and exchange rate depreciation indicate a significant pass-through of import prices. In the short run, external shocks of international prices and the exchange rate account for most variations in inflation, but domestic shocks to money supply and domestic demand explain larger variations in the medium term.
Keywords:
WP; demand-pull inflation; inflation dynamics; Inflation; pass-through; domestic demand; and money supply; inflation response; inflation elasticity; variance inflation; inflation variation; inflation shock; inflation in Yemen; Monetary base; Exchange rates; Vector error correction models; Structural vector autoregression
Cover IMF Working Papers
Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen
Mr. Selim A Elekdag
,
Nabil Ben Ltaifa
,
Todd Schneider
, and
Mr. Saade Chami
Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation expectations. This paper argues in favor of a new formal monetary policy framework for Yemen emphasizing a proactive and rule-based approach with a greater direct focus on price stability in the context of a flexible management of the exchange rate. Although, as in many developing countries, institutional capacity is a concern, adopting a more formal framework could impel the kind of changes that are required to strengthen the ability of the CBY in achieving low and stable rates of inflation over the medium term.
Keywords:
WP; monetary policy; interest rate; exchange rate
Cover IMF Working Papers
Yemen: Exchange Rate Policy in the Face of Dwindling Oil Exports
Todd Schneider
,
Nabil Ben Ltaifa
,
Mr. Faisal Ahmed
, and
Mr. Saade Chami
This paper investigates the likely implications of declining oil production on Yemen's equilibrium exchange rate, and discusses policy options to ensure a smooth transition to a nonoil economy. The empirical results suggest that, as oil production and foreign exchange earnings fall, the Yemeni rial will have to adjust downward in real effective terms to keep pace with the equilibrium exchange rate. In light of strong pass-through from exchange rate depreciation to domestic inflation, this could entail a substantial depreciation in nominal terms. Given the nature of the adjustment, a floating exchange rate regime appears to be the best option, if supported by appropriate macroeconomic policies. However, given public fixation on a exchange rate stability, a softly managed float would be a better option for Yemen whereby the central bank may have to lead the market toward the equilibrium exchange rate.
Keywords:
WP; exchange rate; crawling peg; Yemen; depreciation; Exchange rates; adjustment process; oil; equilibrium exchange rate; exchange rate depreciation; regime in the form; developments in Yemen; crawling peg exchange regime; exchange rate development; band in an effort; nominal exchange rate; real effective exchange rate; exchange rate pass-through effect; exchange rate band; crawling peg regime; Real exchange rates; Real effective exchange rates; Oil production; Exchange rate arrangements; Africa; Global
Cover IMF Survey
IMF Survey, Volume 34, Issue 04
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; HIPC assistance; reform effort; Comoros program; economy; IMF quota; IMF's executive board; Structural reforms; Poverty reduction strategy; Monetary policy transparency; Inflation targeting; Money markets; Sub-Saharan Africa; Global; Maghreb; Caribbean
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
Cover Financial Organization and Operations of the IMF
Financial Organization and Operations of the IMF
International Monetary Fund

Abstract

The financial structure and operations of the IMF are described in this pamphlet, as well as the sources of IMF financing, the policies associated with the use of IMF resources, and the role of the IMF as trustee to various accounts that are administered by it.

Keywords:
PAM; IMF membership; equity allocation; IMF arrangement; adjustment program; liquidity position; Currencies; Gold; Credit; International monetary system; SDR interest rate; Global; Africa; Asia and Pacific; unit of account; IMF's article; Reserve assets; Balance of payments need
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

This Volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund.

Keywords:
SELD; decisions of the executive board; allocations of special drawing rights; capital transfer; decision No. 1238; selected document; Currencies; Personal income; Credit; Multiple currency practices; Loans; Global; Africa
Cover Financial Organization and Operations of the IMF (Revised 1998)
Financial Organization and Operations of the IMF (Revised 1998)
International Monetary Fund

Abstract

This paper discusses the financial organization and operations of the IMF. The policies and activities of the IMF are guided by its charter, known as the Articles of Agreement. The IMF is unique among intergovernmental organizations in its combination of regulatory, consultative, and financial functions, which derive from the purposes for which it was established. The IMF is concerned with not only the problems of individual countries but also the workings of the international monetary system as a whole. Its activities focus on promoting policies and strategies through which its members can work together to ensure a stable world financial system and sustainable economic growth.

Keywords:
PAM; SDR; currency; adjustment program; liquidity position; unit of account; IMF arrangement; IMF's article; Currencies; Credit; International monetary system; Balance of payments need; Reserve positions; Global; Asia and Pacific