[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111521-en":3,"doc-seo-111521-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111521,8796095461564,"Liam","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Republic of Yemen - Joint Bank-Fund Debt Sustainability Analysis - Risk of external debt distress and overall risk","Republic of Yemen is assessed as being in external and overall debt distress, with debt deemed unsustainable. Significant arrears to multilateral and official bilateral creditors block access to both official concessional financing and market funding. The present value indicators for PPG external and total public debt breach relevant thresholds in both baseline and shock scenarios throughout the medium term. Restoring sustainability requires fiscal prudence, revenue mobilization, expenditure rationalization, structural reforms to strengthen exports, and a comprehensive creditor debt treatment agreement.","Public Disclosure Authorized  \nPub lic Disc losure Authorized  \nApproved by:  \nManuela Francisco and Sandeep Mahajan (IDA) , and Taline Koranchelian and Jarkko Turunen (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF)  \n\n| REPUBLIC OF YEMEN: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | In debt distress |\n| Overall risk of debt distress | In debt distress |\n| Granularity in the risk rating | Unsustainable |\n| Application of judgment | No |\n\nYemen is assessed as in “external and overall debt distress”1 and its debt is unsustainable. Significant arrears are owed to multilateral and official bilateral creditors, which prevents access to official concessional as well as market financing. All indicators on present value (PV) of PPG external and total public debt continue to breach the relevant thresholds in both the baseline and shock scenarios throughout the medium term. Restoring debt sustainability requires (i) Maintaining fiscal prudence by raising revenues and rationalizing expenditures, and implementing structural reforms to promote Yemen’s export potential and (ii) reaching agreement with creditorson a comprehensive debt treatment.  \n1 Yemen’s debt carrying capacity is considered “weak” amid a Composite Indicator (CI) score of 1.77 based on the April 2025 WEO and the World Bank’s 2024 CPIA data vintages.  \n1. As of December 31, 2024, Yemen’s total public debt owed by the central government stood at $9.2 billion, equivalent to 128 percent of GDP (Text Table 1).2 Approximately two thirds of this public debt is external PPG debt totaling $6.4 billion, or 79 percent of GDP, while the remaining third is domestic debt, adding up to $3.5 billion, or 50 percent of GDP. Yemen’s external PPG debt is almost evenly split between multilateral and bilateral creditors. Multilateral creditors account for about 45 percent of external PPG debt, with the IDA and the Arab Fund for Economic and Social Development (AFESD) each accounting for 18 percent. Bilateral creditors represent the remaining 55 percent of external PPG debt, divided almost equally between Paris Club members—particularly the Russian Federation—and non-Paris Club creditors, notably the Kingdom of Saudi Arabia.  \n2. Yemen’s external PPG debt profile is largely shaped by obligations incurred prior to the outbreak of internal conflict in 2014, except for ongoing disbursements from the International Development Association (IDA) . While the internationally recognized government (IRG) has assumed responsibility for all pre-conflict external liabilities, external debt servicing, except for IDA loan repaymentsand SDR charges for drawn allocation, has been suspended since the conflict started.  \n3. Since the onset of the conflict in 2014, Yemen is in arrears to all its current official bilateral creditors and multilateral creditors except the World Bank’s IDA and the IMF. As of December 2024, the total stock of external arrears reached around 8 percent of GDP. These arrears were due to international organizations, Non-Paris Club and Paris Club bilateral creditors, representing 4, 3 and 1 percent, respectively. In this DSA, arrears continue to accrue throughout the forecast horizon, at the average annual rate observed from 2018–24. Public debt levels as share of GDP are projected to rise further through 2030, reflecting ongoing buildup of external arrears and increased domestic financing amid ongoing fiscal deficits.  \n4. On the domestic front, debt began accumulating following the onset of the conflict in 2014, and reached $3.5 billion, or 50 percent of GDP as of end-2024. While approximately 90 percent of this domestic debt originates in credit from the Central Bank in Aden (CBY) to the government, the remaining 10 percent consists of financial market instruments such as Treasury Bills, Treasury Bonds, and Islamic instruments (Sukuk) . The CBY credit to the gov","cbCaiktLBqc33YSn","https://ap.wps.com/l/cbCaiktLBqc33YSn","pdf",835479,1,19,"English","en",105,"# Risk Assessment\n## External and overall debt distress\n## Unsustainable debt indicators","[{\"question\":\"Why is Yemen considered to be in external and overall debt distress?\",\"answer\":\"The assessment concludes Yemen’s external and total public debt is unsustainable, with external debt distress reflected in both baseline and shock scenarios and continued threshold breaches. Significant arrears to official creditors also limit financing access.\"},{\"question\":\"How do arrears affect Yemen’s ability to obtain financing?\",\"answer\":\"Arrears owed to multilateral and official bilateral creditors prevent access to official concessional financing as well as market financing. In the forecast horizon, arrears continue to accrue.\"},{\"question\":\"What measures are recommended to restore debt sustainability?\",\"answer\":\"The document recommends maintaining fiscal prudence by raising revenues and rationalizing expenditures, implementing structural reforms to promote export potential, and reaching agreement with creditors on comprehensive debt treatment.\"}]",1784490506,48,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"republic-of-yemen-joint-bank-fund-debt-sustainability-analysis-risk-of-external-debt-distress-and-overall-risk","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/republic-of-yemen-joint-bank-fund-debt-sustainability-analysis-risk-of-external-debt-distress-and-overall-risk/111521/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"Why is Yemen considered to be in external and overall debt distress?","Question",{"text":74,"@type":75},"The assessment concludes Yemen’s external and total public debt is unsustainable, with external debt distress reflected in both baseline and shock scenarios and continued threshold breaches. Significant arrears to official creditors also limit financing access.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How do arrears affect Yemen’s ability to obtain financing?",{"text":79,"@type":75},"Arrears owed to multilateral and official bilateral creditors prevent access to official concessional financing as well as market financing. In the forecast horizon, arrears continue to accrue.",{"name":81,"@type":72,"acceptedAnswer":82},"What measures are recommended to restore debt sustainability?",{"text":83,"@type":75},"The document recommends maintaining fiscal prudence by raising revenues and rationalizing expenditures, implementing structural reforms to promote export potential, and reaching agreement with creditors on comprehensive debt treatment.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,127,130,134],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":45,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":45,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":45,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":45,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":135,"show_sort_weight":105,"slug":136},"General","general"]