YEMEN | Overview
Official name: Republic of Yemen
Official languages: Arabic
Monetary unit: Yemeni Rial (YER)
Population (million): 26.1
Total area (sq km): 527,968
Located on the borders of the Arabian Sea, Gulf of Aden, and Red Sea and between Oman and Saudi Arabia, Yemen is a lower middle-income country that has been witnessing significant political turmoil in the recent years. The difficult political and security situation in Yemen continues to weigh heavily on economic activity and Yemen’s economic recovery is vulnerable.
In 2014, Yemen had launched an ambitious economic reform program focused on removal of fuel subsidies, advancing civil service reforms, and enhancing the country’s social safety net. Economic prospects will depend on progress on the political and security fronts and implementation of these critical reforms. Non-political factors like the drought, food insecurity and unemployment are also on the policy agenda of the government to better control the transition period.
Year joined ICD:
Number of projects approved: 21
Gross Approval ($US million):177.31
Gross Disbursement ($US million): 99.33