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Challenges to Yemen’s Public Revenues

December 19, 2023
Since April 2022, the war in Yemen has mutated from a high-casualty conflict to a protracted stalemate with relatively stable frontlines. The contest is now over the economy, as the Houthi group () leverages negotiations and its military power to put fiscal pressure on the internationally recognized government. The current phase has been marked by … Read more

Two Birds With One Stone: Using Aid Transfers to Support Stable Commodity Prices in Yemen

August 4, 2023
During the conflict in Yemen, the government-run Central Bank of Yemen in Aden (CBY-Aden), and other government-aligned economic stakeholders have argued for a policy that would rationalize humanitarian and broader aid transfers to support the provision of foreign exchange (FX) to critical commodity importers. This could benefit the economy at … Read more

Bridging the Divide: Mitigating the Impacts of the CBY Schism on Yemen’s Banking Sector

March 2, 2023
The September 2016 rupture of the Central Bank of Yemen (CBY) into rival branches associated with the main warring parties has severely undermined the country’s banking sector. The most fundamental issues affecting Yemeni banks are the differing currency systems that have emerged between areas controlled by the internationally recognized … Read more

Houthis Continue to Bilk Consumers With Exorbitant Fuel Prices

August 12, 2022
On July 3, the Sana’a-based Yemen Petroleum Company (YPC) increased the official price of petrol by 9 percent, from YR640 t0 YR700 per liter, in areas under the control of Houthi authorities. Since last June, Houthi-controlled cities have suffered from continuing shortages of diesel, leading to wide divergences in prices at official, commercial … Read more

Addressing the Crushing Weight of Yemen’s Public Debt

July 20, 2022
For decades prior to the ongoing conflict, Yemen had been vulnerable to recurring budget deficits due to a lack of meaningful fiscal reform, high recurrent expenditures – mainly public sector salaries and fuel subsidies – and an overdependence on oil revenues. While foreign debt obligations remained low, the debt market was poorly diversified, … Read more
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