Recent economic performance in Yemen has been mixed. A sharp decline in oil production, coupled with inflexible government expenditure and only marginal improvement in the tax-to-GDP ratio led to an overall fiscal deficit of 5.8 percent in 2007. Executive Directors have noted that Yemenas non-oil GDP growth has been solid in recent years, and progress has been made on a number of structural reforms. Directors have welcomed the authoritiesa commitment to reduce expenditure in the event that oil prices remain below the benchmark price in the 2009 budget.They agreed that the centerpiece of this adjustment lies in addressing the two largest components of current ... (ii) reducing the civil service wage bill by about 2 percentage points of GDP by 2013, (iii) implementing fully the GST in 2009, ... (iv) streamlining the income tax through simultaneously lowering the rate from 35 percent to 20 percent while eliminating all exemptions in the customs, income tax , and investment laws. ... 2007 2008 2009 2010 2011 2012 2013 depreciate in real.
|Title||:||Republic of Yemen|
|Author||:||International Monetary Fund|
|Publisher||:||International Monetary Fund - 2009-03-24|