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Learning to Live with Cheaper Oil: Policy Adjustment in Oil-Exporting Countries of the Middle East and Central Asia

Learning to Live with Cheaper Oil: Policy Adjustment in Oil-Exporting Countries of the Middle East and Central Asia »

Source: Learning to Live with Cheaper Oil : Policy Adjustment in MENA and CCA Oil-Exporting Countries

Series: Departmental Papers / Policy Papers

Author(s): Martin Sommer , Allan Auclair , Armand Fouejieu , Inutu Lukonga , Saad Quayyum , Amir Sadeghi , Gazi Shbaikat , Andrew Tiffin , and Bruno Versailles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2016

ISBN: 9781513520483

Keywords: Oil, Oil exporting countries, Oil exports, Oil prices, Oil producing countries, Oil product prices, Oil revenues, exporters, exchange rate, liquidity

This paper discusses the challenges posed by low oil prices in the MENA and CCA regions, the adjustment policies adopted so far, and remaining adjustment needs and future risks....

1. Lower Oil Prices: A Challenging New Reality

1. Lower Oil Prices: A Challenging New Reality »

Source: Learning to Live with Cheaper Oil : Policy Adjustment in MENA and CCA Oil-Exporting Countries

Series: Departmental Papers / Policy Papers

Author(s): Martin Sommer , Allan Auclair , Armand Fouejieu , Inutu Lukonga , Saad Quayyum , Amir Sadeghi , Gazi Shbaikat , Andrew Tiffin , and Bruno Versailles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2016

ISBN: 9781513520483

Keywords: Oil, Oil exporting countries, Oil exports, Oil prices, Oil producing countries, Oil product prices, Oil revenues, exporters, exchange rate, liquidity

Over the past 15 years, MENA and CCA oil exporters enjoyed large external and fiscal surpluses and rapid economic expansion on the back of booming oil prices. Growth averaged almost 5 percent in the GCC regi...

2. Preserving Fiscal Sustainability

2. Preserving Fiscal Sustainability »

Source: Learning to Live with Cheaper Oil : Policy Adjustment in MENA and CCA Oil-Exporting Countries

Series: Departmental Papers / Policy Papers

Author(s): Martin Sommer , Allan Auclair , Armand Fouejieu , Inutu Lukonga , Saad Quayyum , Amir Sadeghi , Gazi Shbaikat , Andrew Tiffin , and Bruno Versailles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2016

ISBN: 9781513520483

Keywords: Oil, Oil exporting countries, Oil exports, Oil prices, Oil producing countries, Oil product prices, Oil revenues, exporters, exchange rate, liquidity

Magnitude of the Fiscal Challenge The steep drop in oil prices has led to a significant deterioration in fiscal balances, despite the deficit-reduction measures adopted so far. This...

3. Maintaining External and Financial Stability

3. Maintaining External and Financial Stability »

Source: Learning to Live with Cheaper Oil : Policy Adjustment in MENA and CCA Oil-Exporting Countries

Series: Departmental Papers / Policy Papers

Author(s): Martin Sommer , Allan Auclair , Armand Fouejieu , Inutu Lukonga , Saad Quayyum , Amir Sadeghi , Gazi Shbaikat , Andrew Tiffin , and Bruno Versailles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2016

ISBN: 9781513520483

Keywords: Oil, Oil exporting countries, Oil exports, Oil prices, Oil producing countries, Oil product prices, Oil revenues, exporters, exchange rate, liquidity

Exchange Rate Policy Options Oil exporters have taken diverse approaches to their exchange rate regimes. The GCC countries have decided to maintain their pegs, while the CCA countrie...

4. Generating Jobs and Growth

4. Generating Jobs and Growth »

Source: Learning to Live with Cheaper Oil : Policy Adjustment in MENA and CCA Oil-Exporting Countries

Series: Departmental Papers / Policy Papers

Author(s): Martin Sommer , Allan Auclair , Armand Fouejieu , Inutu Lukonga , Saad Quayyum , Amir Sadeghi , Gazi Shbaikat , Andrew Tiffin , and Bruno Versailles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2016

ISBN: 9781513520483

Keywords: Oil, Oil exporting countries, Oil exports, Oil prices, Oil producing countries, Oil product prices, Oil revenues, exporters, exchange rate, liquidity

Growth Will Remain Well Below Historical Trends The steep and persistent decline in oil prices has sharply worsened the growth outlook, and the need to diversify away from oil has be...

5. Takeaways

5. Takeaways »

Source: Learning to Live with Cheaper Oil : Policy Adjustment in MENA and CCA Oil-Exporting Countries

Series: Departmental Papers / Policy Papers

Author(s): Martin Sommer , Allan Auclair , Armand Fouejieu , Inutu Lukonga , Saad Quayyum , Amir Sadeghi , Gazi Shbaikat , Andrew Tiffin , and Bruno Versailles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2016

ISBN: 9781513520483

Keywords: Oil, Oil exporting countries, Oil exports, Oil prices, Oil producing countries, Oil product prices, Oil revenues, exporters, exchange rate, liquidity

Lower oil prices and other major shocks have hit the MENA and CCA regions with serious and persistent impacts. Sizable policy adjustment is needed in all major areas: fiscal, external, financial, and structu...

Executive Summary

Executive Summary »

Source: Learning to Live with Cheaper Oil : Policy Adjustment in MENA and CCA Oil-Exporting Countries

Series: Departmental Papers / Policy Papers

Author(s): Martin Sommer , Allan Auclair , Armand Fouejieu , Inutu Lukonga , Saad Quayyum , Amir Sadeghi , Gazi Shbaikat , Andrew Tiffin , and Bruno Versailles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2016

ISBN: 9781513520483

Keywords: Oil, Oil exporting countries, Oil exports, Oil prices, Oil producing countries, Oil product prices, Oil revenues, exporters, exchange rate, liquidity

The oil exporters in the Middle East and North Africa (MENA) and the Caucasus and Central Asia (CCA) are facing an exceptionally challenging policy environment. Lower oil prices hav...

Energy Subsidy Reform in Sub-Saharan Africa: Experiences and Lessons

Energy Subsidy Reform in Sub-Saharan Africa: Experiences and Lessons »

Source: Energy Subsidy Reform in Sub-Saharan Africa : Experiences and Lessons

Volume: 13

Series: Departmental Papers / Policy Papers

Author(s): Trevor Alleyne , and Mumtaz Hussain

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 August 2013

ISBN: 9781484366547

Keywords: Cross country analysis, Electric power, Energy sector, Energy taxes, Oil prices, Fiscal reforms, Gasoline prices, Sub-Saharan Africa, Subsidies, electricity

The reform of energy subsidies is an important but challenging issue for sub-Saharan African (SSA) countries. There is a relatively large theoretical and empirical literature on this issue. While this paper relies...

Chapter 1. Inclusive Growth in Mali2

Chapter 1. Inclusive Growth in Mali2 »

Source: Mali : Achieving Strong and Inclusive Growth with Macroeconomic Stability

Series: Departmental Papers / Policy Papers

Author(s): Christian Josz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 October 2013

ISBN: 9781484305577

Keywords: Financial sector, Financial institutions, Financial stability, Economic growth, Banks, Bank supervision, Oil prices, Mali, prices, oil

This chapter studies Mali’s performance in poverty reduction by analyzing household data from surveys in 2001, 2006, and 2009–10. Mali’s share of poor households has decreased su...

Chapter 2. Reforming the Mechanism of Domestic Petroleum Price Setting in Mali4

Chapter 2. Reforming the Mechanism of Domestic Petroleum Price Setting in Mali4 »

Source: Mali : Achieving Strong and Inclusive Growth with Macroeconomic Stability

Series: Departmental Papers / Policy Papers

Author(s): Christian Josz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 October 2013

ISBN: 9781484305577

Keywords: Financial sector, Financial institutions, Financial stability, Economic growth, Banks, Bank supervision, Oil prices, Mali, prices, oil

Fuel tax revenues in Mali have been shrinking since 2009 following the government’s policy of not adjusting retail prices to changes in international oil prices. This chapter dis...