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Middle East and Central Asia > Yemen, Republic of

You are looking at 1 - 10 of 14 items for :

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Cover Policy Papers
Economic Diversification in Oil-Exporting Arab Countries
International Monetary Fund
countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment. Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles. Over-reliance on oil also exacerbates macroeconomic volatility. Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations. Macro-economic stability and supportive regulatory and institutional frameworks are key prerequisites for economic diversification...
Keywords:
PP; exporting; economy; GDP; diversification; economic diversification; labor market; public spending; IMF staff estimate; exchange rate; job creation; oil price; Oil prices; Oil; gas and mining taxes; Public sector; Global
Cover Departmental Papers
Avoiding the New Mediocre: Raising Long-Term Growth in the Middle East and Central Asia
Ms. Pritha Mitra
,
Amr Hosny
,
Gohar Minasyan
,
Mr. Mark Fischer
, and
Gohar Abajyan
Raising the Middle East and Central Asia’s long-term growth prospects is critical for meeting the region's pressing need for jobs and higher living standards.
Keywords:
DPPP; DP; physical capital; GCC MENAP; exporter; oil exporter; oil importer; physical capital accumulation; foreign direct investment; physical capital growth; employment growth; Productivity; Oil; Employment; Capital accumulation; Oil prices; Middle East and Central Asia; Global
Cover Policy Papers
Arab Countries in Transition - Economic Outlook and Key Challenges
International Monetary Fund
The Arab Countries in Transition (ACTs) have had diverging trajectories over the past year and face an uncertain outlook.1 Improvements in the European economy, lower oil prices, and some progress on the policy front have provided tailwinds to growth, which is expected to pick up significantly in Egypt and Morocco. At the same time, unemployment remains high. Moreover, several of the ACTs have also suffered from intensifying and spreading conflicts that cause widespread human suffering and sizeable economic challenges. Libya and Yemen are directly affected, while spillovers from these conflicts and the civil wars in Iraq and Syria weigh on Jordan and Tunisia, as well as other countries in the region (e.g., Lebanon, Djibouti), Turkey and Europe. These spillovers come most prominently in the form of large refugee flows, deteriorating security, and pressures on economic infrastructures and labor markets. All these factors add urgency to the need in the Arab countries to strengthen economic resilience and address long-standing sources of inequity and exclusion. Coordinated and scaled-up support from the international community will be also critical in stabilizing conditions in the region, addressing the refugee crisis, and securing a more promising economic future for the ACTs in this challenging environment.
Keywords:
PP; government; deficit; financing; country; General government balance; budget deficit; job creation; exchange rate; labor market; economic activity; excl. grant; GDP growth; Current account deficits; Inflation; Government debt management; Oil prices; Global
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
Measures of Fiscal Risk in Hydrocarbon-Exporting Countries
Carlos Caceres
and
Leandro Medina
The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, medium-term risks remain high. Fiscal vulnerabilities have increased as a consequence of the substantial spending packages that have been implemented in recent years. This has raised break-even prices—that is, the price levels that ensure that fiscal accounts are in balance at a given level of spending—in these countries. This study analyses such risks and develops measures of fiscal risk stemming from oil price fluctuations. An empirical application to hydrocarbon-exporting countries from the Middle East and North Africa region is included. Additionally, it is noted that countries with large net assets and proven oil reserves are much less vulnerable to fiscal risk than is indicated by standard measures based on break-even prices. 
Keywords:
WP; price; break-even price; break-even; oil price; Fiscal risk; stochastic simulations; oil prices; volatility; break-even prices; breakeven price; price change; price of oil; spot market; price of Brent; Commodity price fluctuations; Fiscal risks; Futures; Commodity prices; Middle East; North 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
Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle
International Monetary Fund
This paper presents a detailed analysis of the average fiscal policy responses of oil producing countries (OPCs) to the recent oil price cycle. We find that OPCs worsened their non-oil primary balances substantially during 2003-2008 driven by an increase in primary spending. However, this trend was partially reversed when oil prices went down in 2009. We also find evidence that fiscal policy has been procyclical and has hence exacerbated the fluctuations in economic activity. In addition, we estimate that a small reduction in oil prices could lead to very large financing needs in the near future. Finally, we show that long-term fiscal sustainability positions in OPCs have worsened.
Keywords:
WP; oil price; price; revenue; Oil producing countries; fiscal policy; oil revenue; oil GDP; fiscal policy in OPCs; short-term fiscal policy stance; term perspective; fiscal policy position; fiscal policy shock; fiscal policy Procyclicality; fiscal policy change; investment expenditure; fiscal policy stance; low income OPCs; Oil prices; Fiscal stance; Oil; gas and mining taxes; Personal income; Global
Cover IMF Staff Country Reports
Republic of Yemen: 2008 Article IV Consultation: Staff Report; Staff Statement and Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Yemen
International Monetary Fund
Recent economic performance in Yemen has been mixed. A sharp decline in oil production, coupled with inflexible government expenditure and only marginal improvement in the tax-to-GDP ratio led to an overall fiscal deficit of 5.8 percent in 2007. Executive Directors have noted that Yemen’s non-oil GDP growth has been solid in recent years, and progress has been made on a number of structural reforms. Directors have welcomed the authorities’ commitment to reduce expenditure in the event that oil prices remain below the benchmark price in the 2009 budget.
Keywords:
ISCR; CR; WEO oil price baseline; adjustment scenario; debt; deficit; oil; oil price; staff appraisal; private sector credit growth; staff projection; Oil prices; Inflation; Global
Cover IMF Working Papers
A Primeron Fiscal Analysis in Oil-Producing Countries
Mr. Paulo A Medas
and
Ms. Daria V Zakharova
This paper proposes an integrated approach to fiscal policy analysis in oil producing countries (OPCs) geared towards addressing their unique and complex policy challenges. First, an accurate assessment of the fiscal stance in OPCs can be obscured by large and volatile oil revenue flows. Second, uncertain and volatile oil revenue flows can complicate the management of macroeconomic policies in these countries. Third, given the exhaustibility of oil reserves, OPCs need to address longer-term sustainability and intergenerational equity issues. The use of non-oil fiscal indicators, stress tests, medium-term frameworks, and permanent oil income models can greatly aid in addressing these challenges.
Keywords:
WP; oil revenue; oil price; fiscal policy analysis; medium term; annual budget; economic growth; policy response; fiscal policy; oil producing countries; resource revenue; expenditure quality; oil price volatility; oil GDP; oil price shock; oil revenue uncertainty; B. managing oil revenue volatility; expenditure volatility; WEO oil price; rate of return; revenue performance; Oil; gas and mining taxes; Oil prices; Fiscal stance; Middle East and Central Asia