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Middle East and Central Asia > Jordan

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Cover Policy Papers
IMF Approach to Central Bank Digital Currency Capacity Development
International Monetary Fund. Monetary and Capital Markets Department
The global central banking community is actively exploring Central Bank Digital Currencies (CBDCs), which may have a fundamental impact on both domestic and international economic and financial stability. Over 40 countries have approached the IMF to request assistance through CBDC capacity development (CD). Current IMF CBDC CD efforts have focused on facilitating peer learning and developing analytical underpinnings for staff advice to member countries. CD missions have aimed at helping country authorities answer questions about how to think about CBDCs. With more available country experiments and empirical evidence, IMF CD will evolve to provide increased value-added advice more tailored to country circumstances and more solidly anchored in empirical and analytical work, and strengthen synergies with surveillance. This paper sketches a multi-year strategy to address frequently asked questions related to CBDC and outlines the process for developing a CBDC Handbook which will document emerging lessons, analytical findings, and policy views. The paper (1) explains the IMF’s approach to CBDC CD; (2) summarizes member countries’ emerging questions and challenges regarding CBDC; and (3) introduces the CBDC Handbook by motivating its scope and elucidating its governance structure.
Keywords:
Central bank digital currencies; capacity development; Handbook; CBDC handbook; IMF's digital money strategy; IMF approach; IMF CD; handbook chapter; IMF staff encounter; Payment systems; Digital currencies; Financial sector stability; Global
Cover Policy Papers
Temporary Modification to the Fund's Annual Access Limits
International Monetary Fund
The COVID-19 pandemic has caused a uniquely severe synchronized shock across the global economy, in turn leading numerous member countries to request substantial financial assistance from the Fund. The Executive Board responded to members’ needs by increasing the access limits under the Fund’s emergency financing instruments by 50 percent of quota for a period of 6 months (until October 5, 2020), subject to a possible extension by the Executive Board.
Keywords:
PP; emergency financing instrument; financial support; financing; RFI purchase; IMF's executive board; Gra credit; risk management framework; application of the NAAL; Emergency assistance; Credit; Balance of payments need; Global; COVID-19
Cover Policy Papers
Enhancing the Role of SMEs in the Arab World—Some Key Considerations
Vahram Stepanyan
,
Gohar Abajyan
,
Anta Ndoye
, and
Ms. Marwa Alnasaa
Small and medium-sized enterprises (SMEs) are a cornerstone of Arab economies, accounting for over 90 percent of all businesses and providing a major source of new job creation. Governments across the Arab World recognize the important role that SMEs can play in delivering higher and more inclusive growth. Many have rightly placed SME development at the center of growth and jobs strategies to meet the needs of young populations. Authorities have initiated policy interventions and schemes to support SME development. But progress so far has been patchy, and more comprehensive policy action is needed. Fostering vibrant and competitive SMEs that contribute to employment opportunities and high value-added output requires various stakeholders to deliver on a broad range of factors. Arab governments need a holistic policy approach that addresses the gaps in access to finance, creates an enabling business environment, and upgrades human capital and infrastructure. The approach should also promote an entrepreneurial mindset.
Keywords:
PP; SME development; SME support scheme; control group SMES; SME policy; SME sector; SME activity; SME constraint; SME access; SME data availability; SME needs; Small and medium enterprises; Self-employment; Business environment; Financial inclusion; Public sector; Global
Cover Policy Papers
If Not Now, When? Energy Price Reform in Arab Countries; April 2017 Rabat, Morocco
International Monetary Fund
Regulating energy prices has been a common practice around the world. The objective is, generally, to facilitate access to energy products, which are central to people’s well-being and countries’ economic development. However, energy price regulation also leads to wasteful and excessive consumption, discourages investment in the energy sector, and locks in inefficient technologies. Low energy prices also result in subsidies that erode fiscal space, while benefits for the poor are limited. All these effects have been evident in Arab countries, where domestic energy prices are among the lowest in the world. The current environment of low oil prices offers a unique opportunity for change. Lessons from international experience suggest how well thought-out and sequenced reforms can be successful.
Keywords:
PP; price; country; government; price gap; energy price; country authorities; reference price; oil price; Energy pricing; Energy prices; Oil prices; Fuel prices; Energy subsidies; Global
Cover Policy Papers
Ensuring Financial Stability in Countries with Islamic Banking
International Monetary Fund
This paper discusses the need for ensuring financial stability in countries with Islamic Banking (IB). IB continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central banks. The legal environment within which IBs operate can be complex and challenging and may have implications for financial stability. IBs operate in diverse legal environments, some of which are more evolved than others in providing strong legal underpinnings for IB. International governance standards apply to IB but need to be customized to consider IBs’ distinct governance features. Significant progress has been achieved in developing prudential standards for IB, although broader implementation and more consistent application are needed. Progress has been slow in developing IB’s liquidity management and money markets. In recent years, hybrid financial products in IB have emerged that replicate aspects of conventional finance in an IB context, raising financial stability concerns. The IMF has played an important role in promoting financial stability in IB jurisdictions, working closely with IB standard setters, and international organization to shape IB standards and promote best practices.
Keywords:
PP; IB jurisdiction; balance sheet; IB industry; IB operation; IB practice; IB product; IB service; IB depositor; IB activity; IB products; IB governance; IBS stability; Islamic banking; Legal support in revenue administration; Deposit insurance; Capital adequacy requirements; Global; Middle East; East Asia; Central Asia; Sub-Saharan Africa
Cover Policy Papers
The Fund's Lending Framework and Sovereign Debt-Further Considerations
International Monetary Fund
In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.
Keywords:
PP; fund's lending framework; lending; further consideration; annex; framework; financing commitment; Market access criterion; debt restructuring; prospects lie; Debt restructuring; Debt sustainability; Spillovers; Global
Cover Policy Papers
Arab Countries in Transition - Economic Outlook and Key Challenges
International Monetary Fund
The Arab Countries in Transition (ACTs) have had diverging trajectories over the past year and face an uncertain outlook.1 Improvements in the European economy, lower oil prices, and some progress on the policy front have provided tailwinds to growth, which is expected to pick up significantly in Egypt and Morocco. At the same time, unemployment remains high. Moreover, several of the ACTs have also suffered from intensifying and spreading conflicts that cause widespread human suffering and sizeable economic challenges. Libya and Yemen are directly affected, while spillovers from these conflicts and the civil wars in Iraq and Syria weigh on Jordan and Tunisia, as well as other countries in the region (e.g., Lebanon, Djibouti), Turkey and Europe. These spillovers come most prominently in the form of large refugee flows, deteriorating security, and pressures on economic infrastructures and labor markets. All these factors add urgency to the need in the Arab countries to strengthen economic resilience and address long-standing sources of inequity and exclusion. Coordinated and scaled-up support from the international community will be also critical in stabilizing conditions in the region, addressing the refugee crisis, and securing a more promising economic future for the ACTs in this challenging environment.
Keywords:
PP; government; deficit; financing; country; General government balance; budget deficit; job creation; exchange rate; labor market; economic activity; excl. grant; GDP growth; Current account deficits; Inflation; Government debt management; Oil prices; Global
Cover Policy Papers
Review of the IMF's Communications Strategy
International Monetary Fund
The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.
Keywords:
PP; Fund; staff; communications; director; transparency policy; Fund communications; communications strategy; Board communications; IMF social media account; Communications in revenue administration; Social networks; Civil society organizations; Global financial crisis of 2008-2009; Global; Africa
Cover Policy Papers
Arab Countries in Transition - Economic Outlook and Key Challenges
International Monetary Fund
In spite of deepening and spreading conflicts in the region, as well as, in many cases, a challenging internal socio-political environment, the Arab Countries in Transition (Egypt, Jordan, Libya, Morocco, Tunisia and Yemen) have broadly maintained macroeconomic stability. At the same time, however, their economies are not delivering the growth rates needed for a meaningful reduction in unemployment, in particular for the youth and women. Notwithstanding diversity of conditions, countries should quickly advance structural reforms to foster higher and more inclusive growth, and continue to strengthen fiscal and external buffers to maintain stability amid heightened uncertainty. Coordinated support from the international community will be crucial in the form of financing, improved trade access, and capacity building assistance.
Keywords:
PP; current account; monetary policy; excl. grant; exchange rate; economic activity; labor market; private sector; government balance; Current account deficits; Government debt management; Budget planning and preparation; Middle East; Global
Cover Policy Papers
Arab Countries in Transition - An Update on Economic Outlook and Key Challenges
International Monetary Fund
Despite uneven progress, there are early signs of improvement and macroeconomic stabilization in some Arab Countries in Transition (ACTs). 1 However, persistently weak growth and subdued private investment amid heightened regional insecurity continue to weigh on the task of reducing unemployment. This calls for accelerated reform efforts by the authorities to achieve higher, more inclusive, and more private sector-led growth, supported by external partners. In addition, mobilizing affordable external financing could help boost well-implemented public investment and provide a short-term impetus to growth and employment, thereby stabilizing difficult socio-political conditions on the ground and providing space for deeper structural reforms.
Keywords:
PP; job creation; economic activity; private sector; real GDP; trading partner; financial support; current account; government balance; Government debt management; Budget planning and preparation; Current account deficits; Inflation; Global; Middle East; Europe