Yemen Resident Representative Site
Resident Representative Office in Yemen
This web page provides information on the activities of the Office, views of the IMF staff, and the relations between Yemen and the IMF. Additional information can be found on Yemen and IMF country page, including official IMF reports and Executive Board documents in English that deal with Yemen.
News — Highlights
Yemen and The IMF
Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund
Transcript of the Press Conference on the Middle East and Central Asia 2015 Economic Outlook Update and Low Oil Prices
Transcript of a Press Briefing by William Murray, Deputy Spokesman, Communications Department, International Monetary Fund
November 17, 2014
Improving the efficiency of public infrastructure investment across many oil exporters in the Middle East and North Africa and the Caucasus and Central Asia is now more important than ever, a new IMF study says.
Regional Economic Outlook Update: Middle East & Central Asia
A large and possibly persistent decline in oil prices, and slower-than-projected growth in the euro area, China, Japan, and Russia, have substantially altered the economic context for countries in the Middle East and Central Asia. The appropriate policy response will depend on whether a country is an oil exporter or importer. A common theme, however, is that these developments present both an opportunity and an impetus to reform energy subsidies and step up structural reform efforts to support jobs and growth.
Lower oil prices have weakened the external and fiscal balances of oil exporters, including members of the Gulf Cooperation Council (GCC). Large buffers and available financing should allow most oil exporters to avoid sharp cuts in government spending, limiting the impact on near-term growth and financial stability. Oil exporters should prudently treat the oil price decline as largely permanent and adjust their medium-term fiscal consolidation plans so as to prevent major erosion of their buffers and to ensure intergenerational equity.
Gains from lower oil prices provide much-needed breathing space for oil importers but will be offset by a concurrent decline in external demand, particularly from Russia, but also from the euro area and China. Russia's sharp slowdown and currency depreciation have weakened the outlook for the Caucasus and Central Asia (CCA) because of strong linkages through trade, remittances, and foreign direct investment, suggesting the need for greater exchange rate flexibility and near-term fiscal easing where financing allows, along with stepped-up reform efforts.