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Contributions

Addressing the Crushing Weight of Yemen’s Public Debt

July 20, 2022 White Papers
For decades prior to the ongoing conflict, Yemen had been vulnerable to recurring budget deficits due to a lack of meaningful fiscal reform, high recurrent expenditures – mainly public sector salaries and fuel subsidies – and an overdependence on oil revenues. Within a year of becoming a unified republic in 1990, the country had already defaulted on its debt obligations to foreign…