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
March 24, 2009
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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.
Subject: External debt, Foreign exchange, Inflation, Oil prices, Prices, Public debt
Keywords: adjustment scenario, CR, debt, deficit, Global, Inflation, ISCR, oil, oil price, Oil prices, private sector credit growth, staff appraisal, staff projection, WEO oil price baseline
Pages:
61
Volume:
2009
DOI:
Issue:
100
Series:
Country Report No. 2009/100
Stock No:
1YEMEA2009001
ISBN:
9781451840834
ISSN:
1934-7685
