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Managing Fiscal Risks In The Middle East And North Africa
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Book Synopsis Managing Fiscal Risks in the Middle East and North Africa by : Racheeda Boukezia
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.
Book Synopsis State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges by : Mr. Ernesto Ramirez Rigo
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.
Book Synopsis Public Financial Management Reform in the Middle East and North Africa by : Robert P. Beschel, Jr.
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."
Book Synopsis Fiscal Policy and Growth in the Middle East and North Africa Region by : Sena Eken
Download or read book Fiscal Policy and Growth in the Middle East and North Africa Region written by Sena Eken and published by . This book was released on 2014 with total page 46 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.
Book Synopsis Financial Development and Growth in the Middle East and North Africa by : Ms.Susan Creane
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.
Book Synopsis MENA ECONOMIC UPDATE APRIL 2021 by : Roberta Gatti
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.
Book Synopsis Fiscal Policy and Growth in the Middle East and North Africa Region by : Sena Eken
Download or read book Fiscal Policy and Growth in the Middle East and North Africa Region written by Sena Eken and published by . This book was released on 1997 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Subsidy Reform in the Middle East and North Africa by : Mr.Carlo A Sdralevich
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.
Book Synopsis Fiscal Policy and Growyh in the Middle East and North Africa Region by : Sena Eken
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:
Book Synopsis Challenges of Growth and Globalization in the Middle East and North Africa by : Mr.Hamid R Davoodi
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.
Book Synopsis Money in the Middle East and North Africa by : David Cobham
Download or read book Money in the Middle East and North Africa written by David Cobham and published by Routledge. This book was released on 2010-12-07 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors’ earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks of Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey. Part II includes analyses of the prospects for inflation targeting in Egypt, Morocco and Tunisia, of the monetary transmission mechanism in the Gulf Cooperation Council countries, of the relative advantages of inflation targeting and exchange rate fixity with reference to Egypt, of the problem of fiscal dominance in Egypt, and of the inflationary implications of exchange rate fixity for Saudi Arabia and Kuwait. The contributors are experts from universities inside and outside the MENA region, from central banks in the region and from outside institutions such as the European Central Bank and the International Monetary Fund.
Book Synopsis Fiscal Policy and Growth in the Middle East and North and North Africa Region by : Sena Eken
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:
Book Synopsis Financial Sector Development in the Middle East and North Africa by : Rishi Goyal
Download or read book Financial Sector Development in the Middle East and North Africa written by Rishi Goyal and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-10-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on data collected on a wide range of financial sector indicators, new indices of financial development for countries in the Middle East and North Africa (MENA) are constructed, encompassing six themes: development of the monetary sector and monetary policy, banking sector development, nonbank financial development, regulation and supervision, financial openness, and institutional quality. The paper finds that the degree of financial development varies across the region. Some countries have relatively well-developed banking sectors and regulatory and supervisory regimes. However, across the region, more needs to be done to reinforce the institutional environment and promote nonbank financial sector development. Based on a subset of indicators, the MENA region is found to compare favorably with a few other regions, but it ranks far behind the industrialized countries and East Asia.
Book Synopsis Monetary Issues in the Middle East and North Africa Region by : Mr.Simon Gray
Download or read book Monetary Issues in the Middle East and North Africa Region written by Mr.Simon Gray and published by International Monetary Fund. This book was released on 2013-05-10 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.
Book Synopsis The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa by : Mr.Bjoern Rother
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.
Book Synopsis Mena Economic Update April 2021 by : Roberta Gatti
Download or read book Mena Economic Update April 2021 written by Roberta Gatti and published by . This book was released on 2021 with total page 55 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.
Book Synopsis Middle East and North Africa Investment Policy Perspectives by : OECD
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.
