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Middle East and Central Asia > Jordan

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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 Staff Discussion Notes
The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa
Mr. Bjoern Rother
,
Ms. Gaelle Pierre
,
Davide Lombardo
,
Risto Herrala
,
Ms. Priscilla Toffano
,
Mr. Erik Roos
,
Mr. Allan G Auclair
, and
Ms. Karina Manasseh
In recent decades, the Middle East and North Africa region (MENA) has experienced more frequent and severe conflicts than in any other region of the world, exacting a devastating human toll. The region now faces unprecedented challenges, including the emergence of violent non-state actors, significant destruction, and a refugee crisis bigger than any since World War II. This paper raises awareness of the economic costs of conflicts on the countries directly involved and on their neighbors. It argues that appropriate macroeconomic policies can help mitigate the impact of conflicts in the short term, and that fostering higher and more inclusive growth can help address some of the root causes of conflicts over the long term. The paper also highlights the crucial role of external partners, including the IMF, in helping MENA countries tackle these challenges.
Keywords:
SDN; conflict country; refugee crisis; central bank; economic activity; country authorities; Middle East and North Africa; conflicts; refugees; macroeconomic policy; economic spillovers; post-conflict reconstruction; international community; MENA region; MENA country; physical capital; financial support; IMF staff calculation; growth potential; MENA conflict country; Labor markets; Infrastructure; Inflation; Middle East; North Africa; Global; East Africa; Europe
Cover IMF Working Papers
Constraints on Trade in the MENA region
Hirut Wolde
and
Ms. Rina Bhattacharya
In this paper we estimate gravity models to see whether trade volumes of countries in the MENA region are significantly lower than what would be expected given their economic, cultural and geographical characteristics. Our empirical results show that the variables used in standard gravity models cannot explain a significant part of MENA's trade performance, particularly on exports. We then go on to 'augment' the standard gravity model with relevant variables from the World Bank's Business Enterprise surveys. Our results further show that these variables, and in particular transport constraints and inefficiencies in customs clearance processes, are important in explaining the MENA region's underperformance in trade.
Keywords:
WP; trade; Mena; customs; business
Cover Developing Essential Financial Markets in Smaller Economies
Developing Essential Financial Markets in Smaller Economies
Stylized Facts and Policy Options
International Monetary Fund

Abstract

This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows. This study marks a first step toward formulating policies to develop essential smaller economy financial markets by documenting the stylized facts and presenting a framework for assessing the policy issues.

Keywords:
OP; market; economy; trading; market development; company; smaller economy; government securities market; country trading; market participant; Stock markets; Currency markets; Emerging and frontier financial markets; Interbank markets; Baltics; Central America; Africa; Southern Africa; West Africa; emerging market country; market player; market underdevelopment; Government securities; Caribbean
Cover IMF Working Papers
The Role of Affordable Mortgages in Improving Living Standards and Stimulating Growth: A Survey of Selected Mena Countries
Mr. Frank E. Nothaft
and
Mr. S. Nuri Erbas
This paper argues that making affordable home mortgage loans available to a large cross section of the population will serve both the redistributive and growth-enhancing objectives of poverty reduction policies. The current state of housing and mortgage markets in selected Middle East and North Africa (MENA) countries (Algeria, Egypt, Jordan, Morocco, and Tunisia) is examined. The study evaluates Turkey and Mexico as middle-income comparator countries. Historical experience of the United States is also described. Simulations based on U.S. parameters provide some guide to the effects on economic growth of alleviating housing shortages by improving access to mortgage financing.
Keywords:
WP; housing construction; term housing finance facility; mortgage lending; commercial bank; down payment; mortgage finance market; housing supply; mortgage finance availability; growth; poverty; secondary mortgage market; construction initiative; production program; mortgage financing; insolvent public sector housing institution; housing demand; government housing policy; Housing; Mortgages; Housing prices; Loans; Income; Middle East; North Africa; East Africa; Maghreb
Cover Equity and Efficiency in the Reform of Price Subsidies
Equity and Efficiency in the Reform of Price Subsidies
A Guide for Policymakers
Mr. Juan P Cordoba
,
Mr. Robert Gillingham
,
Mr. Sanjeev Gupta
,
Mr. Ali M. Mansoor
,
Mr. Christian Schiller
, and
Marijn Verhoeven

Abstract

This text provides guidance to policymakers on how to design and implement sound price-subsidy reforms. It draws on the experience of price-subsidy reform in 28 countries. The authors discuss economic and political considerations and make several recommendations concerning the speed of reform and social protection mechanisms. They discuss how the social impact of reform can be limited by establishing cost-effective and well-targeted temporary social protection mechanisms, and how governments can reduce the risk of political disruption by distributing the initial burden of reform fairly and by clearly explaining the costs and benefits to the public.

Keywords:
M&G; price-subsidy reform; price; subsidy; price subsidy; compensation scheme; price-subsidy policy; price change; reform measure; household income; Income; Inflation; Government subsidies; Social assistance spending; Household consumption; Middle East; Africa; East Asia; North Africa; Asia and Pacific; Western Hemisphere; Central Asia; Europe; Global; budgetary saving; Housing; Currencies