An International Monetary Fund (IMF) team, led by Joyce Wong, conducted a mission in Amman, Jordan with the officials of the Yemeni Internationally recognized government, partners and key stakeholders to enhance synergies and improve coordination of external assistance.
A press release by the the Head of mission reported that the team’s discussions from April 28th to May 2nd covered recent economic developments in Yemen, the economic outlook, and progress on key policy reforms.
The statement added “The halt in oil exports since the attack on oil facilities in October 2022 continues to weigh on Yemen’s economy. Growth is estimated to have contracted by 2 percent in 2023 while inflation remained high, despite declining global food prices.”
Ms Wong added: “The humanitarian situation remains difficult with 17 million people facing food insecurity. Disbursements of the GCC (Gulf Cooperation Council) support package and stable remittances have been mitigating factors.
Ms Wong statement added that amid high uncertainty, the mission urged the further acceleration of fiscal reforms, including improving revenue administration while enhancing expenditure reprioritization and control.”
The statemen concluded that the mission also stressed the importance of continuing to preserve stability in the financial sector and further strengthen compliance in line with international frameworks. It also stressed that ““External financial support remains critical to help ease fiscal pressures, limit monetary financing, and preserve price stability. The IMF will continue to provide comprehensive technical assistance to Yemen to further enhance institutional capacities.