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

No 2009/100, IMF Staff Country Reports from International Monetary Fund

Abstract: 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 (search for similar items in EconPapers)
Pages: 61
Date: 2009-03-24
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