After almost a year of crisis, Yemen has embarked on a political transition based on an agreement brokered by the Gulf Cooperation Council (GCC) in November 2011. Yemen started a 565-member National Dialogue process in March 2013, which concluded in January 2014 with the decision to transform Yemen into a Federal State.
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The World Bank has suspended operations in Yemen following a thorough review of the impact on Bank programs of recent political and security developments. The suspension applies to all projects financed by the International Development Association, the Bank’s arm for the world’s poorest countries, and Bank managed trust funds. Read More »
According to the latest Global Economic Prospects report, Yemen has made some progress since the 2011 crisis in recovering the economy and advancing the political transition. However, the fledgling economic recovery remained insufficient to make a dent in unemployment and poverty. In 2014, the macroeconomic situation weakened further, with continued sabotage of oil facilities leading to a decline in oil revenue and, therefore, a deterioration in the fiscal positions and severe fuel and electricity shortages. Read More »
The World Bank approved an emergency grant of US$90 million to reinforce the Yemeni government program designed to protect the most vulnerable segment of the population. The project will finance cash transfers to about 1.21 million poor families through the country’s main social safety net program, the Social Welfare Fund (SWF). Read More »