Republic of Yemen: Request for a Staff-Monitored Program-Press Release; and Staff Report

International Monetary Fund

No 2026/264, IMF Staff Country Reports from International Monetary Fund

Abstract: Yemen remains one of the world’s most fragile and conflict-affected (FCS) states, facing the legacy of prolonged conflict, humanitarian hardship, and the continued suspension of oil exports since late 2022. Despite important stabilization gains since 2023, the economy is projected to contract for a fifth consecutive year in 2026, reflecting weak domestic demand, worsening terms of trade arising from the war in the Middle East, and energy shortages. External and fiscal imbalances remain pronounced, with limited reserve buffers and continued reliance on remittances and donor support. Looking ahead, economic activity is expected to stabilize in 2027 assuming regional conditions improve and domestic demand gradually recovers, although downside risks are significant.

Pages: 70
Date: 2026-10-21
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