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Middle East and Central Asia > Yemen, Republic of

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Cover Departmental Papers
Subsidy Reform in the Middle East and North Africa: Recent Progress and Challenges Ahead
Mr. Carlo A Sdralevich
,
Miss Randa Sab
,
Mr. Younes Zouhar
, and
Ms. Giorgia Albertin
In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
Keywords:
DPPP; DP; subsidy reform; exchange rate; fuel price; price increase; price subsidy; energy subsidy; food subsidy; fuel subsidy; Energy subsidies; Fuel prices; Inflation; Oil prices; Social assistance spending; Middle East; North Africa; East Africa; Middle East and Central Asia; Global; oil importer; oil exporter; reform outcome; reforms in the Middle East; Oil
Cover IMF Staff Country Reports
The Republic of Yemen: 2013 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
This staff report on the Republic of Yemen’s 2013 Article IV Consultation highlights economic development and policies. The macroeconomic situation stabilized in 2012, but the recovery remains fragile. After contracting by more than 12 percent in 2011, real GDP is estimated to have grown by 2.4 percent in 2012, reflecting an easing of supply bottlenecks, and utilization of part of idle capacity. On the other hand, oil production declined further, due to continued sabotage of the pipelines. Average inflation declined to 9.9 percent from 19.5 percent in 2011, reflecting the appreciation of the rial to its pre-crisis level, the moderation of international food prices, and the easing of supply shortages.
Keywords:
ISCR; CR; GDP; Yemen; debt; Yemeni authorities; real GDP; exchange rate system; aid disbursement; inflation objective; address unemployment; Balance of payments statistics; Government finance statistics; Global; Middle East; Asia and Pacific
Cover IMF Working Papers
Domestic Petroleum Product Prices and Subsidies: Recent Developments and Reform Strategies
Mr. David Coady
,
Mr. Taimur Baig
,
Mr. Joseph Ntamatungiro
, and
Mr. Amine Mati
The paper reviews recent developments in the pass-through of international to domestic petroleum product prices, in the different fuel pricing regimes, and in fuel subsidies in a range of emerging market and developing economies. The main finding of the paper is the limited price pass-through in many countries and the consequent increase in fuel subsidies. The paper proposes that key elements of a successful strategy to contain subsidies should comprise: making subsidies explicit; making pricing mechanisms more robust; combining reductions in subsidies with measures to protect the poorest; using the resulting savings well, and transparency and consultation.
Keywords:
WP; price; country; government; fuel price; fiscal policy; petroleum; subsidies; price pass-through; liberalized price regime; petroleum product price; kerosene price; administered import price; gasoline pricing mechanisms price; gasoline price; oil price pass-through; refinery price; price signal; price liberalization; price stabilization scheme; Fuel prices; Oil prices; Inflation; Energy subsidies; Oil; Africa