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Middle East and Central Asia > Jordan

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Cover High-Level Summary Technical Assistance Reports
Jordan: Climate Module of the Public Investment Management Assessment and Green Public Financial Management
Bryn Battersby
,
Diala Al Masri
,
Robert N Clifton
,
Ed Hearne
,
Murray Petrie
, and
Jad Mazahreh
The assistance assessed how climate change impacts and mitigation and adaptation responses are addressed in the public investment cycle using the Climate Module of the Public Investment Management Assessment (C-PIMA). The assistance also evaluated the scope to advance Green Public Financial Management (PFM) practices, drawing on the IMF’s new Green PFM framework. Jordan was found to performs well in the climate-aware planning and coordination institutions of the C-PIMA, but some gaps were identified in implementation aspects of the framework, and there were several areas where climate could be better integrated in the PFM system.
Keywords:
Public investment management; C-PIMA; climate change; Green PFM; climate change consideration; PFM system; planning institution; Green PFM framework; C-PIMA show Jordan; climate change planning; climate sensitivity; Public Investment Management Assessment (PIMA); Public investment spending
Cover IMF Staff Country Reports
Jordan: Request for an Extended Arrangement Under the Extended Fund Facility and Cancellation of the Current Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Jordan’s Request for an Extended Arrangement under the Extended Fund Facility and Cancellation of the Current Arrangement under the Extended Fund Facility (EFF). Building on Jordan’s consistently strong performance under the previous program, the new EFF arrangement will support the authorities’ efforts toward maintaining macro-stability; further building resilience, and accelerating structural reforms to achieve stronger, more inclusive growth and job creation. Sound policymaking and support from international partners have helped Jordan to withstand well a series of shocks over the past few years and to maintain macro-stability, broad-based economic growth, and market access, and strengthen social safety nets. Going forward, supported by the new EFF arrangement, policies are focused on maintaining macro-stability and further building resilience, and accelerating structural reforms to achieve stronger, more inclusive growth and job creation, to tackle high unemployment. Further progress in implementing structural reforms to improve the business environment and attract private investment is crucial to create a dynamic private sector, foster job-rich growth, and achieve the objectives of Jordan’s Economic Modernization Vision.
Keywords:
EFF arrangement; reform agenda; economy well; government entity; Jordan compact; Fiscal stance; Arrears; Global
Cover IMF Staff Country Reports
Jordan: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Jordan’s Fifth Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria. Jordan has continued a broad-based recovery amid a challenging external environment, thanks to the authorities’ effective policy response. Financial challenges in the electricity sector are exacerbating fiscal pressures, particularly as food subsidies have increased considerably on the back of high international prices. As agreed in the fourth review, the authorities have eliminated the subsidies on gasoline and diesel. They also met structural benchmarks on introducing goods and services tax place of taxation rules; strengthening the governance of fiscal incentives; improving the competition framework; removing legal impediments to female employment; implementing a foreign direct investment survey; and rolling out e-procurement. The 2022 and 2023 fiscal targets are being relaxed slightly to accommodate higher food-related spending. The authorities remain committed to reducing public debt/gross domestic product to 80 percent by 2027. IMF expects the implications for the program to be manageable, given the authorities’ ownership and commitment to program objectives and Jordan’s continued ability to attract development partner support.
Keywords:
staff appraisal; revenue generation; financing requirement; cabinet adoption of an action plan; fund staff; Arrears; Fiscal stance; Global
Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This handbook is aimed at anyone who is involved in a Public Investment Management Assessment (PIMA) or who has a practical interest in public investment management. It is intended to be useful for country authorities, IMF staff, staff of other financial institutions and development organizations, and anyone who is interested in exploring different aspects of public investment management to understand how country systems are designed and how they work in practice.

Keywords:
IMF Public Investment Management Assessment; public investment; PIMA; PIM; public investment management; handbook; investment; government; governance; country; spending; infrastructure governance; investment efficiency; investment shock; investment spending; public investment spending; public investment and public-private partnerships (PPP); infrastructure; budget planning; planification; allocation; execution; fiscal rules; global; Asia and Pacific; Africa; Caribbean; Sub-Saharan Africa; Western Hemisphere; Middle East; investment trend; infrastructure investment spending; Pima report; investment planning; PPP investment; Budget planning and preparation; Capital spending; Capital budget
Cover IMF Staff Country Reports
Jordan: Technical Assistance Report-Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
Jordan has taken important steps to enhance its fiscal transparency over the past decade. Notably, there is a comprehensive legal framework for the management of public finances. Fiscal reports have become more comprehensive and cover a high proportion of public sector institutions. The frequency of in-year reporting is at an advanced level, as is the timeliness of publication of the government’s annual financial statements. Fiscal statistics are disseminated in accordance with international standards (SDDS). Fiscal forecasts and budgets have become more forward looking and policy oriented with the introduction of a five-year medium-term budget framework and a program classification. As a result of improvements in fiscal transparency practices, in the 2019 Open Budget Survey, Jordan scored above the global average for transparency, and is the only country in the region ranked overall as ‘green’ on this measure. Nevertheless, the FTE provides a more detailed and in-depth analysis with a broader focus.
Keywords:
General government finance bulletin; equity ratio; General government debt; IMF mission; Jordan FTC rating; Budget planning and preparation; Fiscal risks; Fiscal reporting; Global; Middle East and Central Asia; Europe
Cover Growth and Adjustment in IMF-Supported Programs
Growth and Adjustment in IMF-Supported Programs
International Monetary Fund. Independent Evaluation Office

Abstract

This evaluation assesses how well IMF-supported programs helped to sustain economic growth while delivering adjustment needed for external viability over the period 2008–19. The evaluation finds that the Fund’s increasing attention to growth in the programs has delivered some positive results. Specifically, it does not find evidence of a consistent bias towards excessive austerity in IMF-supported programs. Indeed, programs have yielded growth benefits relative to a counterfactual of no Fund engagement and boosted post-program growth performance. Notwithstanding these positive findings, program growth outcomes consistently fell short of program projections. Such shortfalls imply less protection of incomes than intended, fuel adjustment fatigue and public opposition to reforms, and jeopardize progress towards external viability. The evaluation examines how different policy instruments were applied to support better growth outcomes while achieving needed adjustment. Fiscal policies typically incorporated growth-friendly measures but with mixed success. Despite some success in promoting reforms and growth, structural conditionalities were of relatively low depth and their potential growth benefits were not fully realized. Use of the exchange rate as a policy tool to support growth and external adjustment during programs was quite limited. Lastly, market debt operations were useful in some cases to restore debt sustainability and renew market access, yet sometimes were too little and too late to deliver the intended benefits. The evaluation concludes that the IMF should seek to further enhance program countries’ capacity to sustain activity while undertaking needed adjustment during the program and to enhance growth prospects beyond the program. Following this conclusion, the report sets out three recommendations aimed at strengthening attention to growth implications of IMF-supported programs, including the social and distributional consequences.

Keywords:
IMF programs; growth optimism; austerity bias; structural conditionality; debt sustainability; fiscal policy; exchange rate policy; PRGT program; debt operation; IMF support; reviews IMF policy; program objective; Fiscal consolidation; Real effective exchange rates; Structural reforms; Global; Middle East and Central Asia; West Africa; Sub-Saharan Africa; Caribbean; Europe
Cover IMF Staff Country Reports
Jordan: 2020 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility-Press Releases; Staff Report; and Statement by the Alternate Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Jordan’s 2020 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility (ECF). Jordan’s IMF-supported economic reform program is anchored on structural reforms designed to spur growth by creating jobs—especially for women and young people—and reduce poverty. The Jordanian economy has continued facing significant challenges. Macroeconomic stability and external buffers have been preserved, but fiscal vulnerabilities remain. Structural reforms and continued fiscal consolidation efforts are critical to lift growth, reduce unemployment and bring debt on a downward path. Continued support from donors, particularly through concessional loans and budget grants, will be critical to help Jordan cope with humanitarian and economic needs. The coronavirus disease 2019 (COVID-19) outbreak poses significant risks to the program implementation. The authorities have implemented measures to help contain the impact of the pandemic; however, adjustments to the program modalities might be necessary considering the rapidly changing circumstances. Donor support through budget grants and concessional financing will be critical to help Jordan cope with the effects of the COVID-19 outbreak and the Syrian refugee crisis and to support program objectives.
Keywords:
ISCR; CR; fiscal consolidation effort; emergency outlay; economic reform program; COVID; authority; Jordanian authorities; program objective; job creation; Electricity; Arrears; Global; Tariffs
Cover Finance & Development
Finance & Development, December 2017
International Monetary Fund. External Relations Dept.
This paper analyzes that although demands for political transformation commanded the world’s attention, those calls were largely motivated by unresolved socioeconomic issues. Demonstrators in the streets of Cairo and Tunis demanding bread, dignity, and social justice expressed widely held aspirations for basic economic rights, along with greater prosperity and equity. Almost seven years later, notable progress has been achieved in terms of public finance reforms. However, these reforms still have a long way to go to reduce disparities in the distribution of wealth within most countries of the region or narrow the development gaps between them. Countries in the Middle East and North Africa now face a stark choice between short-term retrenchment and resolute pursuit of the long-term reforms needed to secure their future economic prosperity. Forsaking important economic adjustments needed to strengthen inclusive growth and modernize the state and private sectors would set the region back, possibly for decades.
Keywords:
FD; F&D; iron lid; country; oil-producing country; economy; development issue; government policy; paperback ISBN 978-1-51359-036-3; Oil; Women; Energy subsidies; Capital flows; Currencies; Global; Middle East; North Africa; East Africa; Africa; Climate change; oil discovery; Oil prices
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 IMF Working Papers
The Design of Fiscal Reform Packages: Insights from a Theoretical Endogenous Growth Model
Andrew Hodge
This paper studies the impact on growth, welfare, and government debt of fiscal reform packages in a theoretical model drawing together three key features of the endogenous growth literature: (i) investment in technology (in the form of human capital) offsets diminishing marginal productivity of private capital, allowing for perpetual growth in output per capita; (ii) changes in investment behavior because of cuts to distortionary tax rates impact long-run growth; and (iii) public capital has a role influencing total factor productivity and growth. A quantitative simulation using reasonable parameter values suggests that modest capital and/or labor income tax cuts and public investment increases have significant positive effects on consumer welfare but small effects on per capita income growth, where fiscal costs are offset by reductions in unproductive government spending. Capital income tax cuts and public investment increases continue to boost welfare when offset by consumption tax rises (rather than spending cuts), although the welfare benefits of modest labor income tax cuts are outweighed by the costs of a compensating consumption tax increase.
Keywords:
WP; physical capital; Fiscal policy; Endogenous growth; physical capital goods; private physical capital; reform BGP; public capital; constant returns to scale; capital share; consumer welfare; Human capital; Capital income tax; Public investment spending; Personal income tax