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International Monetary Fund. Middle East and Central Asia Dept.
Reforms are starting to yield positive results. Oil prices and production have been volatile, and uncertainties in the global oil market continue. Promoting non-oil growth and creating jobs for Saudi nationals remain key challenges. Non-oil growth is expected to strengthen further this year and over the medium term. Risks to the growth outlook are broadly balanced.
International Monetary Fund

Abstract

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused on providing policy advice in many macro-critical areas.

International Monetary Fund. Middle East and Central Asia Dept.
Reform momentum remains strong under Vision 2030. New reform initiatives are being rolled-out under the Vision Realization Programs (VRPs). Oil prices have risen over the past year and are positively affecting fiscal and external balances. Higher oil prices provide both an opportunity and a risk to the fiscal reforms.
International Monetary Fund. Middle East and Central Asia Dept.
Selected Issues
International Monetary Fund

Abstract

The past year has been a time of unexpected challenges for the international community, International Monetary Fund (IMF) Managing Director Christine Lagarde says in her foreword to the institution’s Annual Report 2015—Tackling Challenges Together, published today. Amid the continued focus on spurring stronger and more inclusive growth and strengthening global cooperation, the IMF faced economic developments that required rapid adjustments. Highlights of the IMF’s work during the year included insight into the international impact of falling oil prices, financing and policy advice for countries in difficulties, emergency funding to combat the Ebola crisis in West Africa, a new relief fund for the poor and most vulnerable countries hit by natural or public health disasters, research on fiscal policy to reduce inequality, free online training for the public and government officials, and online statistical data free of charge for all users. The report covers the work of the IMF’s Executive Board and contains financial statements for the year May 1, 2014, to April 30, 2015. It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.

International Monetary Fund. Secretary's Department

Abstract

Seven years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International Monetary Fund (IMF) Managing Director Christine Lagarde says in her foreword to the institution’s Annual Report 2014—From Stabilization to Sustainable Growth, published today. The recovery is ongoing, but it is still too slow and fragile, subject to the vagaries of financial sentiment. Millions of people are still looking for work. The level of uncertainty might be diminishing, but it is certainly not disappearing.” Ms. Lagarde said that “throughout the crisis and in the recovery period, the IMF has been, and continues to be, an indispensible agent of economic cooperation” for its membership. The report covers the work of the IMF’s Executive Board and contains financial statements for the year May 1, 2013, to April 30, 2014. It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.

International Monetary Fund. Middle East and Central Asia Dept.
KEY ISSUES Context. As the world’s largest exporter of liquefied natural gas (LNG), Qatar has turned into an important global financial investor, donor, and labor importer. Growth averaged 14 percent over the past decade and GDP per capita has reached $100,000, the highest in the world. Qatar remains insulated from sluggish global growth thanks to high hydrocarbon prices and a large public investment program to support economic diversification and prepare for the FIFA 2022 Championship. Outlook and risks. Macroeconomic performance is expected to remain strong, driven by the non-hydrocarbon sector which accounts for almost one-half of the economy. Potential challenges include the risk of over-heating in the near term and over-capacity in the medium term as a result of the large public investment program. The possibility of a sharp decline in oil and gas prices remains the main medium-term risk; however, the authorities have ample fiscal and external buffers to deal with contingencies. Risks from public investments. Policymakers need to remain vigilant about overheating risks. Capital spending should be smoothed if signs of overheating emerge, and liquidity withdrawal operations and further macroprudential measures deployed in case of excessive credit growth or risk-taking. A comprehensive public investment management framework would increase the efficiency of public spending and reduce the risk of overinvestment. Fiscal reforms. The authorities have appropriately been saving the large fiscal surpluses, and have started introducing a medium-term focus into the budget process by implementing a three-year budget framework and establishing performance measures. The framework should be accompanied by realistic hydrocarbon price assumptions and a more detailed multi-year expenditure plan. Financial sector. The authorities are implementing an ambitious financial regulatory agenda, including establishing an umbrella advisory committee and issuing a final Basel III circular. Banks remain well capitalized and liquid, but the authorities should continue carefully monitoring vulnerabilities through an enhanced early warning system. Diversification. The authorities are also supporting economic diversification through measures to further financial deepening and private sector development.
International Monetary Fund

Abstract

The Annual Report to the Board of Governors reviews the IMF’s activities and policies during any given year. There are five chapters: (1) Overview, (2) Developments in the Global Economy and Financial Markets, (3) Policies to Secure Sustained and Balanced Global Growth, (4) Reforming and Strengthening the IMF to Better Support Member Countries, and (5) Finances, Organization, and Accountability. The full financial statements for the year are published separately and are also available, along with appendixes and other supplementary materials.

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund

Abstract

The IMF's 2009 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2009, which covers the period from May 1, 2008, through April 30, 2009. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2009.