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Middle East and Central Asia > Jordan

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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 Regional Economic Outlook, October 2020, Middle East and Central Asia
Regional Economic Outlook, October 2020, Middle East and Central Asia
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

Countries in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region and those in the Caucasus and Central Asia (CCA) responded to the COVID-19 pandemic with swift and stringent measures to mitigate its spread and impact but continue to face an uncertain and difficult environment. Oil exporters were particularly hard hit by a “double-whammy” of the economic impact of lockdowns and the resulting sharp decline in oil demand and prices. Containing the health crisis, cushioning income losses, and expanding social spending remain immediate priorities. However, governments must also begin to lay the groundwork for recovery and rebuilding stronger, including by addressing legacies from the crisis and strengthening inclusion.

Keywords:
public health; reopening; rebuilding; oil revenue; OPEC+; REO; oil exporter; MCD country; oil importer; IMF staff calculation; MCD firm; MCD region
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 IMF Working Papers
Private Sector Job Creation in MENA: Prioritizing the Reform Agenda
Mr. Benedicte Baduel
,
Carolin Geginat
, and
Ms. Gaelle Pierre
This paper examines the extent to which firms in selected MENA countries reported being constrained by the business environment around the time of the Arab Spring and the extent to which these constraints affected their employment performance. The results suggest that small firms in MENA faced more structural constraints than similar firms in other regions. We also find that MENA firms’ weaker job creation can be explained in great part by the macroeconomic environment and structural constraints. Low GDP growth, falling external competitiveness, corruption, lack of access to finance and poor access to electricity are found to explain a significant part of the lack of employment growth in MENA firms compared to their peers.
Keywords:
WP; employment growth; World Bank enterprises survey; enterprise survey; firms' characteristic; credit constraint; employment performance; firm exit; firms in Mena; medium-sized firm; SMEs; MENA; Arab Countries in Transition; private sector; employment; employment creation; World Bank enterprise survey; micro firm; Job creation; Business environment; Labor productivity; Electricity; Central and Eastern Europe
Cover Finance & Development
Finance & Development, December 2017
International Monetary Fund. External Relations Dept.
Finance & Development, December 2017
Keywords:
FD; F&D; iron lid; country; oil-producing country; economy
Cover Finance & Development
Finance & Development, December 2017
International Monetary Fund. External Relations Dept.
Finance & Development, December 2017
Keywords:
FD; F&D; iron lid; country; oil-producing country; economy
Cover Finance & Development
Finance & Development, December 2017
International Monetary Fund. External Relations Dept.
Finance & Development, December 2017
Keywords:
FD; F&D; iron lid; country; oil-producing country; economy
Cover Finance & Development
Finance & Development, December 2017
International Monetary Fund. External Relations Dept.
Finance & Development, December 2017
Keywords:
FD; F&D; iron lid; country; oil-producing country; economy
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 IMF Working Papers
The U.S. Oil Supply Revolution and the Global Economy
Mr. Kamiar Mohaddes
and
Mr. Mehdi Raissi
This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model. The results show that there are considerable heterogeneities in the responses of different countries to a U.S. supply-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining in commodity exporters, inflation falling in most countries, and equity prices rising worldwide. Overall, our results suggest that following the U.S. oil revolution, with oil prices falling by 51 percent in the first year, global growth increases by 0.16 to 0.37 percentage points. This is mainly due to an increase in spending by oil importing countries, which exceeds the decline in expenditure by oil exporters.
Keywords:
WP; Tight oil; shale oil; fracking revolution; oil price decline; oil supply; global macroeconometric modeling; international business cycle; oil exporter; oil-price shock; equity price; oil importer; error correction term; oil price data; oil-price environment; standard deviation; MENA oil importer; commodity exporter; price of oil; oil price environment; Oil prices; Oil; gas and mining taxes; Oil production; Vector autoregression; Global; Middle East; North Africa