Abstract
The MENAP oil exporters were directly affected by the global financial crisis through a sharp drop in oil prices, a contraction in the global economy, and a sudden drying up of capital inflows. Although activity in the oil sector will likely drop by 3.5 percent in 2009, strong countercyclical macroeconomic policies have helped mitigate the impact of the crisis on the non-oil sector, which is projected to grow by 3.2 percent. Looking ahead, higher oil prices, a revival of global demand, and continued government spending will provide the basis for stronger growth in 2010. The crisis also revealed some vulnerabilities in the banking and corporate sectors, requiring countries to undertake exceptional stabilization measures and highlighting the need to strengthen financial sector supervision, enhance corporate governance, foster resource mobilization, and diversify risks.
Abstract
The MENAP oil importers are a diverse group, encompassing both emerging and low-income economies. Many have seen significant slowdowns in the past year but, overall, these countries have escaped the substantial contractions experienced in other parts of the world. Supportive policy responses, a low degree of integration with international capital markets and manufacturing supply chains, and banking systems that had little exposure to structured financial products have contained the fallout. While the slowdown has been modest, this group of countries is also likely to experience a slow recovery. Limited external financing, little space for fiscal stimulus, a real appreciation of most domestic currencies, sluggish receipts from tourism and remittances, and higher energy prices will all continue to be a drag on growth for some time.
Abstract
For many countries in the Caucasus and Central Asia (CCA) region, the impact of the global economic downturn has been severe, but prospects for energy importers and exporters differ starkly. For energy importers, the economic outlook remains challenging and recovery in 2010 is likely to be gradual, primarily because of their linkages with Russia. In particular, remittances have fallen sharply, hurting low-income households. Fiscal policy should remain accommodative in 2010 to support growth and mitigate the impact on the poor, but continued concessional donor support will be needed to prevent a buildup of unsustainable debt levels.
The Islamic Development Bank (IDB) has awarded Abbas Mirakhor, IMF Executive Director, and Mohsin Khan, Director of the IMF Institute, the 2003 prize in Islamic economics. Given in alternate years for achievement in Islamic banking and Islamic economics, the award honors the individual or institution that has made the most significant contribution to the field.
Abstract
The IMF shares its expertise with officials in member countries and provides training to them—what it calls “capacity development”—to help countries build strong institutions and boost skills to formulate and implement sound macroeconomic and financial policies. Capacity development is closely linked to the IMF’s surveillance and lending activities and highly appreciated by member countries.
Abstract
This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in implementing the financial regulatory reforms adopted since the global financial crisis and highlights the role of the IMF in advancing these reforms and charting the course for a future reform agenda, including the development of a coherent international policy framework for resolution and resolution planning. The book’s unique perspective on the role of the law in promoting financial stability comes from the contribution of selected experts and representatives from our membership who share their views on this subject.