Download or read book Managing Fiscal Risks in the Middle East and North Africa written by Racheeda Boukezia and published by International Monetary Fund. This book was released on 2023-06-11 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries in the Middle East and North Africa are exposed to significant fiscal risks. This paper analyzes the sources of these fiscal risks in 17 low- and middle-income countries in the Middle East, North Africa and Pakistan region, excluding high-income Gulf countries (MENAPEG), and discusses avenues for reform to strengthen fiscal risk management. The materialization of fiscal risks in MENAPEG has been driven by macroeconomic shocks, contingent liabilities, and tail-risk events. The region has a track record of volatile economic growth and sharp exchange rate movements. High dependence on hydrocarbon revenue among MENAPEG oil and gas exporters and pervasive universal subsidies generate considerable budgetary exposure to swings in commodity prices. Substantial government involvement in the economy and large state ownership of firms and banks exposes several MENAPEG countries to contingent liabilities from state-owned enterprises and the financial sector. Lastly, the region’s history of social unrest and conflicts together with tail-risk events such as the recent COVID-19 pandemic, and natural disasters and climate change, have been important sources of fiscal risks. Many of the factors historically associated with the materialization of fiscal risks in MENAPEG countries are likely to remain sources of vulnerability in the future, raising the need for robust fiscal risk management frameworks. Policy reform can strengthen fiscal risk management in MENAPEG. This paper describes precedents where progress is made and provides a broad analytical framework for policymakers to build upon to fully embrace fiscal risk management in all its dimensions. Going forward, it is crucial for national authorities to enhance their capacity to identify, quantify, and assess risk factors and their budget’s exposure to them. This should be followed by thorough fiscal risk analysis to inform policy decisions to mitigate risks. Where risks cannot be mitigated or are judged to be acceptable, countries should consider adopting appropriate medium-term fiscal frameworks to build buffers to deal with them.

Download or read book State Owned Enterprises in Middle East North Africa and Central Asia Size Costs and Challenges written by Mr. Ernesto Ramirez Rigo and published by International Monetary Fund. This book was released on 2021-09-20 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.

Download or read book Fiscal Policy and Growth in the Middle East and North Africa Region written by Ms.Sena Eken and published by International Monetary Fund. This book was released on 1997-08-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Establishing a policy framework to sustain high rates of growth is a major challenge facing the economies of the Middle East and North Africa. Given the strikingly dominant role of governments in these economies, this paper focuses on the contribution of fiscal consolidation and reform toward addressing this challenge. On the basis of an examination of fiscal structures, reform and adjustment efforts, and their growth implications during 1980-95, it concludes that the ongoing process of fiscal reform—aimed at reducing budget deficits, improving the budgetary structure, and enhancing the effectiveness of government interventions—is key to ensuring macroeconomic stability and fostering growth.

Download or read book Public Financial Management Reform in the Middle East and North Africa written by Robert P. Beschel, Jr. and published by World Bank Publications. This book was released on 2012-05-10 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Part I, Overview and summary, June 2010."

Download or read book MENA ECONOMIC UPDATE APRIL 2021 written by Roberta Gatti and published by World Bank Publications. This book was released on 2021-04-02 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part I of this report discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa (MENA). The region is expected to grow at a subdued rate of 0.6 percent in 2019, rising to 2.6 percent in 2020 and 2.9 percent in 2021. The growth forecast for 2019 is revised down by 0.8 percentage points from the April 2019 projection. MENA’s economic outlook is subject to substantial downside risks—most notably, intensified global economic headwinds and rising geopolitical tensions. Part II argues that promoting fair competition is key for MENA countries to complete the transition from an administered to a market economy. Part II first examines current competition policies in MENA countries and to promote fair competition calls for strengthening competition law and enforcement agencies. It also calls for corporatizing state-owned enterprises, promoting the private sector and creating a level-playing field between them. Any moves to reform MENA economies would be aided by professional management of public assets, which could tap into a new source of national wealth.

Download or read book Financial Development and Growth in the Middle East and North Africa written by Ms.Susan Creane and published by International Monetary Fund. This book was released on 2003-09-05 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, the authors assess financial sector development in the MENA regionand propose several policy measures, which include reinforcing the institutional environment and promoting nonbank financial sector development, to enhance this sector’s performance.

Download or read book Subsidy Reform in the Middle East and North Africa written by Mr.Carlo A Sdralevich and published by International Monetary Fund. This book was released on 2014-07-09 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.

Download or read book Challenges of Growth and Globalization in the Middle East and North Africa written by Mr.Hamid R Davoodi and published by International Monetary Fund. This book was released on 2003-09-05 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region’s economic performance in the past 30 years has been below potential. This paper takes stock of the region’s relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.

Download or read book Fiscal Policy and Growth in the Middle East and North and North Africa Region written by Sena Eken and published by . This book was released on 1997 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Fiscal Policy and Growyh in the Middle East and North Africa Region written by Sena Eken and published by . This book was released on 1997 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Fiscal Risks Sources Disclosure and Management written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2008-05-31 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of member countries have expressed interest in advice regarding disclosure and management of fiscal risks (defined as the possibility of deviations of fiscal outcomes from what was expected at the time of the budget or other forecast). This paper analyzes the main sources of fiscal risks and—building on an overview of existing practices in a wide range of countries—provides practical suggestions in this area, including a possible Statement of Fiscal Risks and a set of Guidelines for Fiscal Risk Disclosure and Management.

Download or read book Monetary Issues in the Middle East and North Africa Region written by Mr.Simon T Gray and published by International Monetary Fund. This book was released on 2013-05-15 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of central banks in the Middle East and North Africa (MENA) shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.

Download or read book The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa written by Mr.Bjoern Rother and published by International Monetary Fund. This book was released on 2016-09-16 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, the Middle East and North Africa region (MENA) has experienced more frequent and severe conflicts than in any other region of the world, exacting a devastating human toll. The region now faces unprecedented challenges, including the emergence of violent non-state actors, significant destruction, and a refugee crisis bigger than any since World War II. This paper raises awareness of the economic costs of conflicts on the countries directly involved and on their neighbors. It argues that appropriate macroeconomic policies can help mitigate the impact of conflicts in the short term, and that fostering higher and more inclusive growth can help address some of the root causes of conflicts over the long term. The paper also highlights the crucial role of external partners, including the IMF, in helping MENA countries tackle these challenges.

Download or read book Global Contract Law in the Middle East and North Africa written by Mohamed Ismail and published by Taylor & Francis. This book was released on 2024-08-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book comprehensively covers the interplay between cultural and legal globalization and the impact this has on contract law, with a particular focus on state contracts within the MENA region. The book discusses the roles assumed by Supreme Courts in Egypt and MENA countries in creating unified principles of international contract law in states’ contracts which are consistent with international commercial contracts’ principles. It makes a powerful argument for further harmonization of contract law in the area, and how this can be achieved. The book forms a case study of how international harmonization can be achieved through a number of routes, such as codification, digitalization of processes and contracts, private-public arbitration, and further use of international instruments. It also considers the implications of comparative European law, convention law, and other legal domains, particularly international standards, on contract law in the MENA region. The book suggests how international legal standards can be integrated within contract law, and how a harmonious contract law framework can thus be achieved. Through analyzing ICSID case law, the book argues that unification of contract law principles in the MENA region is a considerable step towards achieving legitimate expectations of foreign investors. It argues, further, that global contract law is underway. The book will be is of interest to students and scholars in the field of international contract law, public law, and international law in Egypt and MENA countries.

Download or read book The Return of Industrial Policy in Data written by Simon Evenett and published by International Monetary Fund. This book was released on 2024-01-04 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces the New Industrial Policy Observatory (NIPO) dataset and documents emergent patterns of policy intervention during 2023 associated with the return of industrial policy. The data show that the recent wave of new industrial policy activity is primarily driven by advanced economies, and that subsidies are the most employed instrument. Trade restrictions on imports and exports are more frequently used by emerging market and developing economies. Strategic competitiveness is the dominant motive governments give for these measures, but other objectives such as climate change, resilience and national security are on the rise. In exploratory regressions, we find that implemented measures are correlated with the past use of measures by other governments in the same sector, pointing to the tit-for-tat nature of industrial policy. Furthermore, domestic political economy factors and macroeconomic conditions correlate with the use of industrial policy measures. We intend for the NIPO to be a publicly available resource to help monitor the evolution and effects of industrial policies.

Download or read book Middle East and North Africa Investment Policy Perspectives written by OECD and published by OECD Publishing. This book was released on 2021-03-30 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Middle East and North Africa Investment Policy Perspectives highlights the considerable progress in investment policies made by the region’s governments over the past decade. Yet, the reform momentum needs to be sustained and deepened for the benefits of investment to be shared with society at large and for growth to be sustainable, particularly in the context of the COVID-19 pandemic and resulting global economic upheaval.

Download or read book Challenges Of Economic Development In The Middle East And North Africa Region written by Julia C Devlin and published by World Scientific. This book was released on 2010-01-20 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book surveys major economic issues in the development of countries in the Middle East and North Africa (MENA) region since World War II. It presents a framework of analysis highlighting underlying continuities in the region's approach to issues of growth, management of oil and natural resources, post-conflict environments, progress in trade liberalization and regional integration, the use of industrial policy, labor market adjustment and unemployment, educational attainment and poverty incidence. At the same time, this book focuses on emerging differences across countries in the region in the prevailing approach to addressing such challenges most notably between the economies of the Gulf Cooperation Council and other MENA countries.This book also incorporates a discussion of tools and methods used by development practitioners and briefly examines issues of aid effectiveness. The approach used is intended to appeal to a wide audience including students of economic development, political scientists and development practitioners.