{"id":365164,"date":"2024-05-02T16:27:35","date_gmt":"2024-05-02T19:27:35","guid":{"rendered":"https:\/\/anba.com.br\/?p=365164"},"modified":"2024-05-02T16:27:37","modified_gmt":"2024-05-02T19:27:37","slug":"as-oil-stops-flowing-yemens-economy-contracts","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/as-oil-stops-flowing-yemens-economy-contracts\/","title":{"rendered":"As oil stops flowing, Yemen\u2019s economy contracts"},"content":{"rendered":"\n<p>S\u00e3o Paulo \u2013 Impacted by an ongoing civil war, <strong>Yemen<\/strong> faces a <strong>halt in oil exports<\/strong>, and its growth is estimated to have contracted by 2% in 2023, as per a report made public by the International Monetary Fund (<a href=\"https:\/\/www.imf.org\/en\/Home\" target=\"_blank\" rel=\"noopener\">FMI<\/a>) on Thursday (2). Oil exports have been halted since the attack on oil facilities nearly two years ago.<\/p>\n\n\n\n<p>According to an IMF team who conducted a mission in Jordan from late April to early May with the Yemeni authorities, oil exports represented more than half of the government\u2019s revenues, and its loss is estimated to have widened the fiscal deficit to 4.5% of gross domestic product in 2023, adding to pressures on reserves and the exchange rate.<\/p>\n\n\n\n<p>Despite declining global food prices, <strong>inflation remained high<\/strong> in Yemen, and the humanitarian situation remains difficult with <strong>17 million people facing food insecurity<\/strong>. Disbursements of the Gulf Cooperation Council (GCC) support package and stable remittances have been mitigating factors.<\/p>\n\n\n\n<p><em>Read more:<\/em><br><a href=\"https:\/\/anba.com.br\/en\/commodity-prices-exacerbating-economic-crisis-in-yemen\/\">Commodity prices exacerbating economic crisis in Yemen<\/a><br><a href=\"https:\/\/anba.com.br\/en\/yemen-brings-honey-millenary-history-to-expo-2020\/\">Yemen brings honey, millenary history to Expo 2020<\/a><\/p>\n\n\n\n<p>The IMF warns that in 2024, Yemen\u2019s already fragile situation could be exacerbated by regional tensions, and an escalation of the Red Sea tensions could adversely affect economic activity through trade and financial channels, and lower external support including <strong>humanitarian assistance<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Yemen\u2019s reforms<\/strong><\/h2>\n\n\n\n<p>Despite that, the team, led by Joyce Wong, says the authorities remain steadfastly committed to reforms, including further aligning multiple exchange rates for government transactions and refining the FX auction system. Amid high uncertainty, though, the mission urged the further acceleration of fiscal reforms, including improving revenue administration while enhancing expenditure reprioritization and control.<\/p>\n\n\n\n<p><strong>Translated by<\/strong><strong> Guilherme Miranda<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-365162\">\u00a9Khaled Ziad\/AFP<\/div>","protected":false},"excerpt":{"rendered":"<p>Humanitarian situation in the Arab country remains difficult with over half of the population facing food insecurity, and a contracted economic activity caused by the halt in oil exports.<\/p>\n","protected":false},"author":2316,"featured_media":365162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[1988,3365,49150],"class_list":{"0":"post-365164","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-imf","9":"tag-yemen","10":"tag-yemens-economy"},"wps_subtitle":"Humanitarian situation in the Arab country remains difficult with over half of the population facing food insecurity, and a contracted economic activity caused by the halt in oil exports.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/365164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=365164"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/365164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/365162"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=365164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=365164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=365164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}