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Middle East and Central Asia > Yemen, Republic of

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Cover Technical Notes and Manuals
A Framework for Monitoring of and Reporting for External Project Loans in Developing Countries
Emre Balibek
,
Guy T Anderson
, and
Kieran McDonald
To produce timely and accurate debt reports at the central government level, it is essential to have a sound legal, administrative, and operational framework in place for debt data compilation, reconciliation, accounting, monitoring, and reporting. This note focuses on the arrangements for external project-based debt, which present distinctive challenges in debt reporting particularly in low-income and developing countries. The discussion complements existing literature and guidance on debt transparency by focusing on stages prior to the production of debt reports. The note also identifies the links between the management of project loans and other public financial management (PFM) processes, such as public investment management, budget preparation, fiscal and financial reporting. It shows that a comprehensive approach that considers these linkages can improve efficiency and transparency in fiscal and debt management. Although the focus is on the central government’s debt obligations, the ideas can be extended to cover government-guaranteed loans and public sector debt in general.
Keywords:
public debt management; public debt transparency; debt reporting; fiscal transparency; external debt; project loans; public investment management; maturity status template; debt transparency; core loan term; IMF Library; loan disbursement advice; Government debt management; Loans; Debt service; 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 Departmental Papers
Toward New Horizons: Arab Economic Transformation amid Political Transition
Mr. Harald Finger
and
Ms. Daniela Gressani
The changing political landscape in the Arab world has created opportunities for economic transformation by tackling long-standing economic issues. Nevertheless, three years after the onset of political transition, implementing necessary economic policies has proven to be challenging. This paper lays out key elements of economic policy reform for Arab countries in transition.
Keywords:
DPPP; DP; exchange rate; labor market; private sector; central bank; job creation; monetary policy
Cover Departmental Papers
Toward New Horizons: Arab Economic Transformation amid Political Transition
Mr. Harald Finger
and
Ms. Daniela Gressani

The changing political landscape in the Arab world has created opportunities for economic transformation by tackling long-standing economic issues. Nevertheless, three years after the onset of political transition, implementing necessary economic policies has proven to be challenging. This paper lays out key elements of economic policy reform for Arab countries in transition.

Keywords:
DPPP; DP; exchange rate; labor market; private sector; central bank; job creation; monetary policy; Exchange rate flexibility; Employment; Global; North Africa; East Asia; Europe; Central and Eastern Europe
Cover Departmental Papers
Vers de nouveaux horizons : La transformation économique sur fond de transition politique dans le monde arabe
Mr. Harald Finger
and
Ms. Daniela Gressani
Les mutations du paysage politique dans le monde arabe ouvrent des perspectives pour transformer l'économie en remédiant à des problèmes économiques de longue date. Néanmoins, trois ans après le début de la transition politique dans le monde arabe, force est de constater qu'il a été difficile de gérer les transitions et de mettre en œuvre les réformes économiques nécessaires. Ce document présente des éléments de réformes essentiels dans le domaine de la politique économique pour les pays arabes en transition.
Keywords:
DPPP; DP; exchange rate; labor market; private sector; central bank; job creation; monetary policy
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 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
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
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
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