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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 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 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 IMF Working Papers
Dollarization in Lebanon
Mr. Johannes Mueller
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Keywords:
WP; foreign currency deposit; currency substitution; interest rate differential; dollarization ratio; unit of account; dollarization process; management technique; CS-ratio ratchet; currency depreciation; Lebanese pound; Dollarization; Bank deposits; Currencies; Depreciation; Demand for money; Middle East
Cover IMF Working Papers
Currency Substitution in Egypt and the Yemen Arab Republic: A Comparative Quantitative Analysis
International Monetary Fund
The paper provides an empirical analysis of the determinants of currency substitution in Egypt and the Yemen Arab Republic over the period 1980-86. During this period, residents have exhibited a marked preference to substitute foreign money balances for domestic balances, as indicated by their holdings of foreign currency deposits. This preference reflects changes in the expected relative returns to, and liquidity of, holdings of foreign balances. Such changes, in turn, are shown to result from intensified financial and economic imbalances, increased political uncertainties, and changes in institutional factors which affect domestic channels for acquiring and using foreign exchange resources.
Keywords:
WP; currency; balance; deposit; financial situation; money demand; foreign currency; portfolio preference; money holding; exchange rate; money balance; balances due; Dollarization; Bank deposits; Currencies; Demand for money; Middle East